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GSTechnologies hails first full year as pure-play fintech outfit

Published 24/07/2024, 07:29
GSTechnologies hails first full year as pure-play fintech outfit
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Proactive Investors - GSTechnologies Ltd (LON:GST) has reported its financial results for the year ended 31 March 2024, marking its first full year as a pure-play fintech group.

The transition was completed following the disposal of EMS Wiring Systems in September 2022.

During the year, GSTechnologies acquired PAYPT Finance, a Canadian company with a Money Services Business licence.

This acquisition led to the formation of Angra Global, which launched a multi-currency e-wallet service.

In February 2024, GSTechnologies further expanded its capabilities by acquiring Semnet, a cybersecurity company based in Singapore.

GSTechnologies undertook several fundraising activities to support its growth strategy, raising a total of £2.8 million through share placings.

Financial performance for the year showed a revenue of US$1.55 million, compared to US$2.32 million in the previous year, which included discontinued operations.

The net loss for the year was US$1.22 million, an improvement from the US$1.63 million loss reported in the previous year.

GSTechnologies held US$2.61 million in cash and cash equivalents at the end of the quarter.

Post-period, the company saw significant growth in Angra Global and the GS20 Exchange.

Additionally, GSTechnologies announced the proposed acquisition of Bonfirepay in Spain, aiming to enhance cross-border payments and currency exchange services throughout the European Economic Area.

"I am very pleased with the progress we have made during the year, which has continued post-period as revenues increased fivefold from the first half of the year to the second half as we established our GS Money solutions and rolled these out commercially," said executive chairman Tone Goh.

Read more on Proactive Investors UK

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