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ISX Financial EU Plc, a Europe-centric payment provider, reported a revenue of over €7.3 million in the third quarter of 2023. While this figure declined by 2% compared to the previous quarter, it still increased by 11% when compared to the same quarter of the prior year. Additionally, the company generated €33,724 from other sources of income.
According to unaudited figures, ISX Financial EU Plc’s profit reached €1.5 million, marking a significant 54% increase from the previous quarter and a 69% rise compared to the corresponding quarter of the prior year. The company’s EBITDA margin stood at 24%.
After taxes, the net profit amounted to €785,479, showing a notable increase of 88% quarter-over-quarter and 139% year-over-year. This strong profitability was achieved through effective expense controls, despite the boost in revenue. The company spent €5.58 million between July and September, which remained the same compared to the third quarter of 2022 but decreased by 12% from Q2 2023. Additionally, €2 million was invested in research and development this year.
Based on the unaudited quarterly financial report, ISX Financial EU Plc states that they are on track to reach their goal of achieving €30 million in revenue by the end of 2023 while maintaining their EBITDA/profitability margin within the range of 20-30%. In 2022, the company recorded a profit of €3.7 million on a revenue of €27.4 million.
Moving towards a public listing, ISX Financial EU Plc intends to reorganize its assets under a new holding company, ISX Plc. This shift aligns with their plans for an initial public offering (IPO) or a direct listing of the holding company. Previously, the company was suspended from the Australian stock exchange, leading to allegations of unfair treatment and subsequent claims for damages.
The company assures that shareholders will retain their holdings in direct proportion to their existing holdings, facilitating the reorganization of operating companies and financial reporting lines based on geography, in compliance with prudential supervisory and taxation reporting obligations. The process of inserting the holding company will be done through a court-supervised scheme of arrangement and requires a shareholder vote at a general meeting. The organization has approached the Australian financial markets regulator with details of the ‘top hat’ scheme, but the approval process has proved to be slow and laborious.
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