By Samuel Indyk
Investing.com – Shares in UK-based fintech Supply@Me Capital PLC (LON:SYME) fell over 25% in early trade in London after a trading update that disappointed investors.
The company’s business model allows clients, such as manufacturing or trading companies, to monetise or earn money from inventories up front from Inventory Funders, such as banks or other financial institutions.
The company said that gross origination of client companies increased by 13% from December 2020 to the end of March 2021 from 165 to 187 companies, but the growth has appeared to be slower than markets were expecting.
“2020 saw the groundwork laid for a number of business initiatives which have either been implemented or are close to fruition,” Supply@ME CEO Alessandro Zamboni said in a statement. “Despite challenging market conditions, SYME progresses towards the completion of its first inventory monetisation transactions.”
New CFO
The company also announced they have appointed Amy Benning as new Chief Financial Officer with effect from June 7th. Benning is to join the company from Alfa Financial Software Holdings and is a former employee of PwC.
“We have … strengthened the board and senior management team with the appointment of a Chief Financial Officer and several highly experienced individuals to key positions,” Zamboni added.
At 11:44GMT, Supply@ME shares were trading lower by 26% at 0.43p.