Sound Evidence of Health of GST21 Dec 2024 15:39
Interim Results Published 17th December RNS;
Revenue for the Period grew nearly nine fold to US$2.23 million (H1 24 US$0.26 million), as the Group continued to execute its strategy and all Group entities demonstrated significant growth and expansion of their operations
As of 30 September 2024, the Company had US$2.91 million in cash and cash equivalents (30 September 2023: US$2.19 million)
Net assets as at 30 September 2024 increased significantly to US$7.13 million compared to US$4.38 million at 30 September 2023, following the acquisition of Semnet and the progress of the Group's businesses
Funding
The Board is mindful of dilution for existing shareholders, and the Company will only undertake further fundraising activities if the Board believes additional capital is required to achieve the Company's strategic goals.
Summary
The financial performance for the Period shows marked improvement compared to the previous year. The Group's net loss has significantly narrowed, driven by higher revenues, especially from Semnet, GS Fintech Singapore, GS Fintech UAB and Angra (UK). The strengthened cash position and increased net assets suggest that the Group is on a path to sustainable financial stability. Continued focus on profitability and operational efficiency will be critical in maintaining this upward momentum moving forward.