GSTechnologies annual loss widens but revenue surges; eyes growth

(Alliance News) - GSTechnologies Ltd on Friday said it anticipates to see significant growth in the new financial year as it reported a revenue leap.

The Perth, Australia-based fintech company said operating pretax loss widened to USD2.3 million in the financial year ended March 31, from USD1.2 million a year ago.

Revenue jumped 91% to USD3.0 million from USD1.6 million.

"Whilst GST has experienced significant revenue growth during the year, the period was one of ensuring the group is very well positioned for the future, which does come at a short-term cost and have an impact on immediate revenues. In particular, the acquisition of the business and assets of CAKE and the integration of the GS20 Exchange with the Bake cryptocurrency platform was a transformational step," GSTechnologies said.

Looking ahead, the company plans to expand its European footprint via an agreement to buy MetaPay SP Zoo in Poland. GSTechnologies had announced the planned acquisition back in March.

Executive Chair Tone Goh said: "I am pleased with the progress the group has made during the year and further significant growth is expected to be seen in the current financial year as the various businesses progress and are fully consolidated into the group."

Shares in GSTechnologies are currently suspended in London.

By Tom Budszus, Alliance News slot editor

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