“The past year, whilst challenging, was a transformational year for the Company where we saw our B2B software licensing division perform strongly, with revenues growing 30 per cent 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,” Bell elaborated.
The company’s business-to-consumer (B2C) and business-to-business (B2B) operations have been developing in line with the market’s expectations, with B2B activities gathering speed. Software licensing deals at the company have seen some improvement, while the partnership with Optionfortune Trade has “started well”.
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Elaborating on the company’s financials, Mr Bell states: “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,” the Chairman of the Board added.
Shares of TechFinancials Inc (LON:TECH) have moved higher by 13 per cent in the aftermath of the announcement.