TechFinancials, a software developer that supplies trading solutions to online brokers, has revealed a significant year-on-year hike in revenue and operating profit during the 12 months through to December 31, 2014.
Full-year revenue amounted to $15.5 million (€13.8 million), which represents an increase of 85% on the $8.4 million posted in the previous 12 months,
Operating profit before exceptional items was up from a loss of $300,000 in 2013 to a positive figure of $2.1 million, while pre-tax profit hiked from a negative of $300,000 to a plus of $800,000.
Elsewhere, earnings before interest, tax, depreciation and amortisation jumped from a loss of $300,000 to a positive of $2.3 million.
In addition, net cash generated from operating activities was up from $470,000 in 2013 to $2.1 million in the most recent 12-month period.
Aside from its financial results, TechFinancials also noted that during the last year, it was able to enter the US through a collaboration with Cantor Exchange and has begun the process of expanding into the Asian market.
Asaf Lahav, chief executive of TechFinancials, said: “The board is delighted to announce our maiden annual results, which shows a considerable increase in revenue and operating profit.
“The group’s improved operating cash flow, together with the proceeds raised in our IPO, will enable TechFinancials to invest in new products and services, in order to capitalise on the increasingly sophisticated and regulated binary options market.
“The board is also delighted that TechFinancials have entered several high growth binary options markets in 2015.
“Whilst Europe continues to be the main focus of the Group, TechFinancials has made significant progress to penetrate the US, and Asian markets.
“The board is confident that through increasing sales and marketing efforts, TechFinancials will successfully leverage on its already established brand in these international markets.”
