ISX Financial revenue hits €13.5m in first half of 2022

The seamless payments platform, ISX Financial, released its unaudited financial results for the first half of 2022. The results cover the half year period until June 30, 2022, and reveal that the company's revenue hit €13.5m ($13.7m), marking an increase of 19% when compared on an annualized basis to last year. The payments platform acknowledged that its revenue growth was primarily driven by new partnerships with clients, new products as well as existing collaborations with partners.

For H1 this year, ISX Financial's expenses were €12.4m ($12.6m), leaving a profit before income tax of €1.1m ($1.1m). The company revealed that for the first half of 2022, its unaudited profit after income tax was €639,602 ($647,400). According to a recent statement released by ISX Financial "the Group has recorded an unaudited €0.6m profit inclusive of a €1.6m write down in the NSX investment." It added: "Excluding this write down the Group recorded a €2.25m profit after tax, up 61% on 2021 on an annualized basis."

Additionally, ISX Financial revealed that it has seen €1bn ($1bn) in total processing volume for the first half of this year. This result marked yet another increase of 53% when compared on an annualized basis to 2021.

ISX Financial's latest report unveils that its cash and cash equivalents for the half hit €5.5m ($5.6m). This result, according to the company, marks an increase of "€0.6m due to €3.3m cash flows generated from operating activities, partially offset by €1.5m in payments for intangible assets."

Nikogiannis Karantzis, the Managing Director and CEO of ISX Financial, commented on the topic. He pointed out that the company remains focused on expanding its reach and tapping its services into North America. Karantzis predicted that the expansion will likely require fresh capital primarily needed for the employment of staff, as well as the deployment of systems, servers and leases.

The company's CEO added: "Whilst the expansion can likely be funded from our cash flows, the Company draws shareholders attention to the fact that access to capital markets may still be some time away due to unfavorable market conditions."

Karantzis pointed out that the company's expansion into North America will be prioritized over secondary objectives. However, he said that a key goal for ISX remains to deliver "shareholder value and growth through its core electronic money and technology services." In conclusion, Karantzis noted that the focus of non-core activities may be shifted as a result of the plan to expand in North America.

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