This was assisted by deferred revenues realised from the strong sales generated by the fintech group in the December quarter.
There have also been some promising operational developments that could account for the surge in the company’s share price, which is up more than 10%.
Decipher Works to drive June quarter revenues
The June quarter could also benefit from deferred income as the group’s Decipher Works (DWX) business won new business in the insurance sector in the March quarter.
Transaction Solutions focuses most of its business development activities on the banking and insurance sectors which require extensive and complex cybersecurity solutions.
DWX targeting new markets
DWX is a Sydney-based cybersecurity specialist, providing consulting, support and managed services to financial institutions and large corporations.
The group has strong long-term relationships with many of the major banks and institutions in Australia.
DWX is now moving into other market sectors such as insurance and financial services businesses.
During the quarter, DWX signed a partnership agreement with Netskope, a global player in providing cloud access security broker solutions, a growing industry.
14,000 ATMs in India
Transaction Solutions also holds a 24.89% interest in TSI India, a company with 400 employees.
TSI India has more than 30 relationships with banks, and the group owns and manages about 14,000 ATMs.
The group has a scalable operation in the field of e-transactions and payments in India as it also offers bill payment services to a number of utility companies in that country.
ATM transaction volumes are growing
Latest statistics released by Reserve Bank of India show the total ATM volume continued to increase in February 2018 to 25.7 million transactions per day.
Increased ATM usage is expected to continue as the Reserve Bank of India has been driving availability of cash in ATMs across the country in the recent months.
This has provided TSI India with more cash to replenish its ATMs.