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TechFinancials posts first-half loss as revenue falls

By BFN News | 01:58 PM | Tuesday 11 August, 2020

Fintech software provider TechFinancials posted a first-half loss after its revenue fell and it wrote off investments. Pre-tax losses for the six months through June amounted to $0.49m, compared to losses of $1.15m on-year. Revenue slumped 70% to $0.61m, though administrative expenses also fell. The company had recently focused more on its Footies ticketing business. 'Nonetheless, the Covid-19 crisis has affected dramatically all the plans of the company,' chief executive Asaf Lahav said. 'Footies' plan to complete the development of its ticketing solution and launching the product in 2020 was put on hold.' 'It is unclear when and how the event market will return to normal.' 'It is clear that event organizers are suffering major losses and may not be in a position to try new technologies.' 'Therefore, the company will take a decision in the near future whether or not to continue to pursue this opportunity.' 'The company's plans to sell all or part of its interest in Cedex to a third party were also slowed down as a result of the new business atmosphere.' 'The company will cease its core software licensing business by the end of October this year.' 'It is still uncertain how long the Covid-19 disruption will continue and what ongoing effect it will have on the remaining business of the group.' Story provided by

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