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GSTechnologies Ltd on Tuesday said its interim pretax loss narrowed and revenue increased in a period of ‘significant development’ for the company. The Perth, Australia-based fintech company said its revenue in the six months to the end of September multiplied to $2.2 million from $256,000 year-on-year. Its pretax loss narrowed to $110,000 from $737,000 the year before. Shares closed down 16% at 1.60 pence in London on Tuesday afternoon. The company said its revenue growth was linked to a rise in client volumes ‘as the business continues to gain traction and market share’. Chair Tone Kay Kim said the first-half was a ‘period of significantly development for the group’ as it ‘continues to develop and roll out our GS Money solutions’. GS Money is a platform to make cross-border payments through a ‘stablecoin-based payments network’. Looking ahead, Kim said: ‘In the second half of the financial year we are looking to continue to grow revenues substantially from all the group’s businesses...We will also continue to explore further value enhancing acquisition opportunities that can assist with accelerating the development of the group.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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