London listed binary options and trading technology provider TechFinancials (LON:TECH) has had a great day on the London Stock Exchange today as the company’s stock soared over 50 per cent higher. The firm has released upbeat guidance before the market open cementing a solid performance sheet for the first half of the year.
TechFinancials (LON:TECH) has managed to issue a guidance that was way ahead of market expectations. After last week the firm announced that it is terminating its joint venture agreement in Hong Kong, and shares of the company have reached an all time low of 7.5 pence per share.
Today’s news that the company is expecting a 30 per cent increase in revenues to over $9.6 million from $7.34 million in the first half of 2015 was enough to completely negate the effect of the Hong Kong joint venture news.
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Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) up until the 30th of June are expected to soar higher by 80 per cent to above $1 million from $550,000 in the first half of 2015.
Commenting on the results, the CEO of TechFinancials, Asaf Lahav, said: “During the first half our B2B division continued to perform strongly and we are now finally seeing the fruits of our B2C initiatives. Both revenues and EBITDA are substantially up compared with the same period last year leaving the Board increasingly confident about meeting market expectations for the full year.”
Near the close in London, the company’s shares traded at 13.28 as of writing, a figure which is higher by 56.26 per cent from yesterday’s close. Year-to-date the shares of TechFinancials are still trading lower however – currently by 4.45 per cent from January 4th 2016.
Since the company listed its shares publicly in March 2015, the company lost over half of its value with the IPO price higher by 19 pence than the current level.