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TechFinancials trading well in 2016

Published: 18:09 05 Jul 2016 AEST

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TechFinancials provides simplified online trading solutions for brokers and investors

Shares in financial trading solutions provider TechFinancials Inc (LON:TECH) soared 13% after the firm said it is on track to meet market expectations for its 2016 first half results.

The firm has managed to sign up five new clients in the first six months of the year, while the company has also boosted its cash position by nearly US$0.5mln to US$3.85mln.

The strong trading and improving cash position will stand the business in good stead as it looks to grow, the company said today.

“I am pleased to report that both our B2B and B2C divisions have been performing well since the start of this financial year and that trading is in line with market expectations,” said chairman Christopher Bell.

“We have signed five software licensing contracts in the last sixth months and we are seeing a general increase in demand for our trading solutions.”

Bell says he is particularly encouraged with the B2C division’s performance so far in 2016, given the challenges that side of the business faced last year.

A tighter regulatory environment meant revenues and profitability took a hit in 2015, although he is convinced that the B2C arm is “back on track” after implementing a number of new initiatives.

TechFinancials – which only listed on AIM back in March last year – added that it is continuing to bolster its activities Asia after opening an office in Hong Kong recently.

Shares were up 1.4p, or 13%, to 12.4p.

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