TechFinancials reports higher sales as benefits of options JV kick-in

Techfinancials reported a strong rise in revenues as the company launched its binary options joint-venture at the start of the period.

The financial technology outfit reported a 34% jump in sales for the six months to 30 June to reach $9.86m, which saw profits before tax improve to $1.33m from $15,000 in the year-ago period.

Earnings per share were lifted from the $0.001 seen during the comparable six-month stretch of 2015 to 2 cents now.

AIM-listed Techfinancials's gross profit margins improved by four percentage points to 75%.

Revenues from the firm's software licenses jumped 34% to $5.39m, while those from its trading platform grew 35% to $4.47m.

Commenting on his company's results, group chief Asaf Lahav said the outfit was now reaping the returns from the initiatives put in plave over 2015 to return its B2C division to profitability, including its options JV with Optionfortune and its push into markets with the potential for high growth via the opening of an office in Hong Kong.

Lahav was also confident the company would meet expectations for the full-year.

Trading thus far in the third quarter was "going well" in both divisions, and was in-line with market expectations, the company said in a statement.

After period-end Techfinancials launched its third trading platform, focusing on contracts-for- difference, close on the heels of the launch last year of its Mobile and FOREX platforms.

Cash at period-end stood at $3.9m, up from $3.4m one year ago.

As of 1243 BST shares in Techfinancials were higher by 13.46% to 14.75p.