TechFinancials posts revenues of $7.34 million in H1 2015

Binary platform provider and operator TechFinancials Inc (LON:TECH) has earlier today published a trading update regarding its performance in the first six months of 2015.

The company said its revenues totaled $7.43 million in the first half of 2015, marking a slight increase over the result of $7.15 million registered in the first half of 2014. Operating performance improved marginally compared with the equivalent period in 2014, but EBITDA, while positive, has felt the impact of an increase in necessary research and development expenses.

OptionFair logoIn addition, decisions made by the senior management of OptionFair, the binary option brand of TechFinancials, at the end of the first quarter as well as the impact of complying with the new CySEC regulations have led to a lower than expected rate of customer conversion at this business, primarily in the second quarter.

While the Company has implemented changes to its management and operations in Cyprus to restore and improve its rate of customer conversion, the Board does not believe that these changes will take effect in time to enable OptionFair to achieve its anticipated level of business.

Consequently the Company will not meet market expectations with regard to revenue and profit for the year to 31 December 2015. However, management expects OptionFair to return to a higher level of customer conversion and improved profitability in the next financial year.

Asaf Lahav, Group CEO of TechFinancials, said: “Whilst the performance of OptionFair is disappointing, the Group remains positive about the long term prospects for the B2C segment, as the new management structure takes shape. The Company’s core B2B online trading software continues to perform well, and the Group is continually looking at opportunities in new domestic and overseas markets with high growth potential.”

Last year was solid for TechFinancials – revenues grew 85% over 2013 and let’s note that most of the increase was seen during the first half of the year. And, most of this increase was generated by TechFinancials’ own OptionFair binary brokerage brand.

TechFinancials segment revenues

To view the official announcement by TechFinancials, click here.

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