(Sharecast News) - Lottery management, financial services, and five-a-side soccer venue investor Tintra reported an 8% improvement in turnover in its half-year results on Friday, to £0.6m.
The AIM-traded firm said its net profit after tax and before exceptional items came in at £0.29m for the six months ended 31 July, up from £0.19m year-on-year.
It noted that it had raised £0.75m of new capital since 31 January, with a new chief executive officer, non-executive director and senior management team installed.
The results were the company's first under the Tintra nameplate, having rebranded from St James House on 3 August.
"The first six months of this financial year have seen some dramatic and positive changes to the company. with the finalisation of the involvement and capital injections by Tintra Acquisitions, which now holds 25.85% of our issued shareholding," said chairman Roger Matthews.
"Our new CEO Richard Shearer and his well-organised and very professional Tintra team have implemented their 90-day review and business plan, which was advised to the market, involving a change in management strategy which encompasses corporate governance, HR, accounting, sales and marketing and policies generally.
"Equally, the new management team has access to a vast marketplace underpinned by their reputable name within the investment field, especially in emerging and frontier markets which can only bode well for our turnover figures going forward."
Matthews noted that as of the end of the first half, the company had seen an increase in payment processing and foreign exchange transactions in its payments division, which he said holds an "important regulatory licence" in the financial sector.
He added that the firm's lottery management division had seen stability in the number of weekly entries into the lotteries it administers, adding that despite lengthy Covid-19 restrictions, the overall number of lines played during the period was on par with the similar period in 2020.
"I view the next six months and the future growth with great optimism with our new and determined management, and I am pleased to advise that at the time of writing my report, your company now has a total market capitalisation of £9.87m."
At 1139 BST, shares in Tintra were up 6.32% at 82.4p.
4 Jan 2024 20:33
IN BRIEF: Tintra shares to be cancelled from AIM on Monday
Tintra PLC - London-based DeepTech bank that uses artificial intelligence to help people in emerging markets transfer money - Following a general meeting at which all proposed resolutions were passed, the company's shares will cancel from trading on AIM on Monday. Further, Tintra expects changes to the corporate structure to be completed within two weeks. In November, the company said: "The board considers that Tintra would be better able to raise the capital it needs to develop the business as a private company."
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