Fintech group GSTechnologies Ltd (LSE:LON:GST) reported a significant increase in revenue and reduced losses for the six months ending 30 September 2024.
Revenue for the period grew nearly ninefold to $2.23 million compared to $260,000 in the previous year, while net losses of $69,000 were down from $737,000 in the previous first half.
The growth was supported by contributions across all entities, including the Angra platform and Semnet, which the company acquired earlier in the year.
Angra is an FCA-approved Authorised Payment Institution (API) that provides a multi-currency e-wallet service enabling clients to store funds and conduct foreign exchange transactions securely.
Semnet is a Singapore-based cybersecurity company that provides advanced security solutions across the ASEAN region.
During the period, Semnet was focused on its core operations in cybersecurity and hardware across the ASEAN region, together with providing support to the group's other businesses.
"I believe GST is extremely well positioned for the future and I look forward to reporting on further progress in the coming months," said chairman Tone Goh.
Cash and cash equivalents at the end of the period amounted to US$2.91 million.