TechFinancials narrows interim losses despite weaker revenues

Fintech software provider TechFinancials narrowed interim pre-tax losses in the six months ended 30 June despite witnessing a drop in first-half revenues.

Group revenues slumped 45.24% to $2.07m during the half but TechFinancials still managed to narrow pre-tax losses 3.6% to $1.07m during the period.

TechFinancials' loss before interest, tax, depreciation and amortisation was also cut 15.07% to $620,000.

However, TechFinancials' operating loss for the period widened to $1.12m from $840,000 a year earlier as a result of the weaker revenues.

The AIM-listed company told investors on Thursday that its focus had been on its subsidiary Footies, a disruptive blockchain-based ticketing venture for sports clubs and teams, which it has committed to further finance by providing an additional minimum sum of $225,000.

Chief executive Asaf Lahav said: "The board is encouraged with the progress made over the past six months on the Footies venture and believes that the product, once fully commercialised will play a pivotal role in shaping the future of the sports ticketing market."

As of 0950 BST, TechFinancials shares had dipped 1.23% to 4.0p.