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techFinancials bounces on upbeat trading update (ShareCast News) - TechFinancials, the technology provider to financial trading brokers, said operating profits had increased by more than three quarters in the first half of the year as its business division continued to perform strongly and its consumer initiatives began to bear fruit. [3 Aug '16 09:40]
he company, which provides technology to financial trading brokers, said revenue in the first half grew 30% year-on-year to USD9.6 million. Additionally, earnings before interest, taxation, depreciation and amortisation increased over 80% to USD1.0 million. We are very pleased with the results for the first half of 2016. During the period our B2B division continued to perform strongly and we are now finally seeing the fruits of our B2C initiatives," said Chief Executive Asaf Lahav.
"We now have a solid profitable platform on which to grow the Group both organically and through acquisition. As anticipated, our latest acquisition Sentek Limited, has been earning enhancing and the Board looks forward to the new financial year with confidence."
The company said it made GBP496,000 in pretax profit in the financial year to the end of April, driven by revenue growing to GBP8.5 million from GBP7.0 million and gross margin expanding to 61.1% from 59.2%. Scientific Digital Imaging said it saw good growth for its Synbiosis and Synoptics digital imaging technology brands in the year, accompanied by a strong performance for its Artemis CCD unit, which makes high-sensitivity cameras. Revenue also was boosted by the acquisition of Sentek, which makes sensors for water-based applications. The company said it anticipates a further strong performance in the current financial year, boosted by growing demand for its products in North America and, in particular, in the rapid microbiology and antibiotic resistance testing sectors.