5 Jul 2016 07:00
5 July 2016
TechFinancials Inc.
("TechFinancials" or the "Company")
AGM Statement
TechFinancials (AIM: TECH), a leading technology provider to financial trading brokers, announces that at tomorrow's Annual General Meeting the Chairman of TechFinancials, Christopher Bell, will make the following statement:
"I am delighted to update our shareholders on the progress TechFinancials is making as we continue to build a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other trading instruments.
"The past year, whilst challenging, was a transformational year for the Company where we saw our B2B software licencing division perform strongly, with revenues growing 30% year on year and a number of initiatives undertaken to better position ourselves in terms of our B2C offering and to help build the foundations for renewed growth in FY 2016.
"With these developments in mind, I am pleased to report that both our B2B and B2C divisions have been performing well since the start of this financial year and that trading is in line with market expectations.
"Our B2B activities are gaining momentum and we have signed five software licensing contracts in the last sixth months and we are seeing a general increase in demand for our trading solutions.
"In addition, we are particularly encouraged that our B2C division is back on track and that our partnership with Optionfortune Trade, has started well.
"Furthermore, we continue to build a strong cash position which now totals US$3.85 million as at 30 June 2016, an increase of US$0.46 million from the position at 31 December 2015, which places us in a steady position for growth. As part of our wider development strategy we are continuing to bolster our Asia activities through expansion of our new Hong Kong office and remain focused on investing in and launching new trading platforms, enhancing our mobile and tablet solutions, and other products to meet the changing demands of our global customer base.
"We have hard-working, motivated and talented employees who deliver exceptional service and solutions to our customers. I would like to thank them on behalf of the Board for all their efforts as we move forward with another busy and progressive year, and also thank our shareholders for their continued support. Finally, we look forward to continuing to update the market on our progress in FY 2016, throughout the remainder of the year."
For further information:
TechFinancials, Inc. | |
Asaf Lahav, Group Chief Executive Officer | |
Yuval Tovias, Chief Financial Officer Jeremy Lange, Chief Operations Officer / Investor Relations | www.group.techfinancials.com |
Grant Thornton UK LLP (Nominated Adviser) | |
Colin Aaronson / Jen Clarke / Carolyn Sansom | Tel: +44 (0) 20 7383 5100 |
Northland Capital Partners Limited (Broker) | ||
Patrick Claridge / David Hignell / John Howes | Tel: +44 (0) 20 3861 6625 | |
Peterhouse Corporate Finance (Joint Broker) | |
Lucy Williams / Eran Zucker | Tel: +44 (0) 20 7469 0932 |
Yellow Jersey PR Limited (Media Relations) Felicity Winkles / Alistair de Kare-Silver
| Tel: +44 (0) 7825 916 715
|
About TechFinancials
TechFinancials plc (AIM: TECH) is a leading proprietary software solutions company for online brokers delivering services for retail traders in binary options and other instruments. The Group operates a B2B division which provides software solutions for binary options brokers. TechFinancials also operates a B2C division in which it has an agreement with IBID, a company specialising in developing high growth online solutions, to grow one of the Company's existing B2C binary options trading brands. The Group has a second partnership in place with Optionfortune, a B2C binary options trading platform registered in Hong Kong.
TechFinancials listed on AIM in March 2015 to facilitate its expansion in the fast growing global binary options market which is expected to increase to c. $20bn in trade volume by 2016, double that of 2014 at c. $10bn (ForexMagnates). A major part of the Group's strategy is to increase its share in existing markets and to penetrate emerging and regulated markets with high growth potential. As part of this, the Company recently announced the opening of a Hong Kong office to focus on the Asia Pacific region and signed an agreement with Optionfortune, to run a new B2C binary options trading platform, which also provides TechFinancials with exposure to this region.
Further information can be found at http://techfinancials.com.