TechFinancials upbeat despite OptionFair disappointment in H1

Asaf Lahav, group chief executive of TechFinancials, said the software developer remains upbeat about its financial results during the six months through to June 30, despite its OptionFair B2C segment experiencing a “disappointing” performance in the period.

In a trading update, the company reports that revenue in the first half amounted to $7.3 million (€6.3 million), up slightly from the $7.2 million posted in the corresponding period last year.

Elsewhere, although earnings before interest, tax, depreciation and amortisation were positive for the six-month period, this result was impacted by what the firm described as “necessary research and development expenditure”.

TechFinancials also noted that operating profit improved “marginally” in the six-month period compared to the first half of 2014.

Despite positive financial results, Lahav said that the performance of its OptionFair B2C segment was “disappointing”.

However, he said that TechFinancials expects this to improve in the long-term as the company’s new management structure takes place.

“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,” Lahav said.

“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.”

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