ISX Financial: Record annual figures for 2023 pave the way for IPO
The stock market candidate ISX Financial EU PLC presented outstanding annual figures on May 31, 2024, which reflect the rapid growth of the banking tech company from Cyprus. This is an interesting development for investors since ISX is planning to list on a European stock exchange later this year.
Significant jump in turnover and profits in 2023
ISX Financial EU PLC (“ISXPlc”; ISIN: CY0200861017) can already look back on five consecutive years of profitability and growth and has also achieved remarkable success in 2023. Revenue increased by 17% year-on-year to €32.1 million, mainly driven by a 22% increase in processed volume to €2.4 billion and strong demand for instant payment solutions.
Profit before tax increased by an impressive 49% to €6.9 million and funds held on behalf of clients increased by 17% to €121 million, underlining the confidence in ISXPlc as a reliable partner.
Innovations in the banking tech sector
But what is the basis of ISXPlc’s business success? CEO Nikogiannis Karantzis highlights in the 2023 Annual Report that the company continues to be at the forefront of Account-to-Account (A2A) services, and the synergies of open banking regulations and the infrastructure for instant/faster payments and access to central banks. In particular, the flagship PaidBy® solution is described as the world's leading end-to-end A2A solution that challenges and outperforms traditional online card payments. This is because PaidBy® is characterized by its ability to process payments within seconds in the SEPA area and minutes in the UK via the Faster Payment Service (FPS), resulting in instant cash flows and settlement times. This sets a new benchmark in the industry and sets ISXPlc apart from other systemically relevant institutions.
Non Executive Chairman, Christakis Taoushanis, commends ISXPlc’s disciplined focus on sustainable growth, profitability and maintaining a robust balance sheet, which has enabled investment in innovation, talent acquisition and market expansion. He emphasizes that 2023's outstanding results are due to continued efforts to meet client needs, which has led to an expansion of the client base and higher transaction volumes.
Positive outlook for 2024
Looking to the future, ISXPlc has its sights set on even greater success. In the current financial year, the company aims to realize revenues of more than EUR 45 million (+38%) while maintaining a solid EBITDA/profitability margin in the range of 25-35%. Nikogiannis Karantzis, Managing Director of ISXPlc, comments on the positive business outlook: “We expect continued stable growth throughout the year as we strive to achieve our annual revenue target of EUR 45 million. ISXPlc is also in the beta phase of some exciting new products that will further drive revenue growth and customer acquisition.” Also, the strong 2023 results will support a potential IPO later this year.
The 2023 ISXPlc Annual report is available for download under https://www.isx.financial/blog/annual2023
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Conflicts of interest: There is a paid IR and PR contract with ISX Financial. The content of the services is, among other things, to increase the level of awareness of the company. Dr. Reuter Investor Relations is therefore acting in the interests of ISX Financial in the preparation and distribution of this article. It is a promotional editorial presentation.
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