ISX Financial EU Plc has revealed why it halted plans to go public last year via an initial public offering (IPO) despite achieving 171% year-on-year growth in after-tax earnings with a 20% increase in revenue. The figures were 3.7 million euros and 27.4 million euros, respectively, during the financial year ending December 31.
ISX Financial, a Europe-based provider of electronic money and payment solutions, operates brands such as Flykk, iSXPay and Paydentity. The company serves clients in the gaming, forex, CFD, banking, credit union and e-commerce industries.
However, ISX Financial has halted plans for an IPO in 2022 due to “continued deteriorating market conditions”. Christakis Taushannis, the company’s non-executive chairman, noted that the company’s directors decided the year was not a ‘right time’ to seek admission to the stock exchange via an IPO due to the significant decline in share prices of many growth and technology companies over the period.
In October 2021, ISX Financial complete his class of Australian financial services company, Southern Cross Payments, ended the year with a 4.1% increase in revenue. At the time, Taoushanis said the company was “committed to exploring all opportunities to find a new exchange on which we can list the company’s securities.”
However, despite putting the plan on hold last year, Tochanis noted that the company still has its sights set on going public. “The group continues to prepare for the IPO primarily by building and expanding the business while maintaining profitability,” he explained.
“In 2023, the Group will jointly with our potential sponsoring broker-dealer continue to monitor market conditions for IPOs,” Taoushanis said in ISX Financial’s 2022 financial results. released Friday.
ISX Financial sees strong open banking demand
Meanwhile, during the last quarter of fiscal 2022, ISX Financial reported strong demand for open banking payment services, with the total value of all transactions processed amounting to €134.4m. This represents a jump of 103% quarter-over-quarter and 600% year-over-year.
“This strong growth underscores our ability to take advantage of emerging trends in the financial industry,” ISX Financial noted a permit.
Moreover, the company said that cash in the bank rose by about €1m despite investing €0.9m in the Australian National Stock Exchange (NSX) and paying €1.5m in convertible notes.
Furthermore, in the first quarter of 2023 unaudited results released in mid-April, ISX Financial said it He made a profit of 1.4 million euros, minus costs related to its investment in NSX. The company also established a branch in Israel and obtained permission to extend its services to the Single European Payments Area (SEPA) direct debit in Lithuania.
ISX Financial EU Plc has revealed why it halted plans to go public last year via an initial public offering (IPO) despite achieving 171% year-on-year growth in after-tax earnings with a 20% increase in revenue. The figures reached 3.7 million euros and 27.4 million euros, respectively, during the financial year ending December 31.
ISX Financial, a Europe-based provider of electronic money and payment solutions, operates brands such as Flykk, iSXPay and Paydentity. The company serves clients in the gaming, forex, CFD, banking, credit union and e-commerce industries.
However, ISX Financial has halted plans for an IPO in 2022 due to “continued deteriorating market conditions”. Christakis Taushannis, the company’s non-executive chairman, noted that the company’s directors decided the year was not a ‘right time’ to seek admission to the stock exchange via an IPO due to the significant decline in share prices of many growth and technology companies over the period.
In October 2021, ISX Financial complete his class of Australian financial services company, Southern Cross Payments, ended the year with a 4.1% increase in revenue. At the time, Taoushanis said the company was “committed to exploring all opportunities to find a new exchange on which we can list the company’s securities.”
However, despite putting the plan on hold last year, Tochanis noted that the company still has its sights set on going public. “The group continues to prepare for the IPO primarily by building and expanding the business while maintaining profitability,” he explained.
“In 2023, the Group will jointly with our potential sponsoring broker-dealer continue to monitor market conditions for IPOs,” Taoushanis said in ISX Financial’s 2022 financial results. released Friday.
ISX Financial sees strong open banking demand
Meanwhile, during the last quarter of fiscal 2022, ISX Financial reported strong demand for open banking payment services, with the total value of all transactions processed amounting to €134.4m. This represents a jump of 103% quarter-over-quarter and 600% year-over-year.
“This strong growth underscores our ability to take advantage of emerging trends in the financial industry,” ISX Financial noted a permit.
Moreover, the company said that cash in the bank rose by about €1m despite investing €0.9m in the Australian National Stock Exchange (NSX) and paying €1.5m in convertible notes.
Furthermore, in the first quarter of 2023 unaudited results released in mid-April, ISX Financial said it He made a profit of 1.4 million euros, minus costs related to its investment in NSX. The company also established a branch in Israel and obtained permission to extend its services to the Single European Payments Area (SEPA) direct debit in Lithuania.