TechFinancials bounces on upbeat trading update

3rd Aug 2016 09:40

(ShareCast News) - TechFinancials, the technology provider to financial trading brokers, said operating profits had increased by more than three quarters in the first half of the year as its business division continued to perform strongly and its consumer initiatives began to bear fruit.Revenue increased by more than 30% $9.6m at the AIM-listed company and, thanks to a "substantial" improvement in operating performance, earnings before interest, tax, depreciation and amortisation (EBITDA) surged more than 80% to over $1m. "During the period our B2B division continued to perform strongly and we are now finally seeing the fruits of our B2C initiatives," said chief executive Asaf Lahav, which includes a partnership Optionfortune Trade but also a recently terminated joint venture agreement with IBID Holdings.He said the board was "increasingly confident about meeting market expectations for the full year".Shares in TechFinancials, which last Friday fell to 7.5p, their lowest level since floating in spring last year, leapt 71% to 14.5p by 0945 BST on Wednesday, their highest point in 2016.