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LONDON - Finseta plc (AIM:FIN), a foreign exchange and payments solutions provider, announced a 16% increase in revenue to £5.9 million for the first half of 2025 compared to £5.1 million in the same period last year, according to a trading update released Wednesday.
The company reported growth in its active customer base to 1,101, up from 952 in the first half of 2024. However, gross margin decreased slightly to approximately 62% from 65.7% in the previous year due to changes in revenue mix.
Adjusted EBITDA declined to approximately £0.3 million from £0.8 million in H1 2024, which the company attributed to investments in new strategic initiatives including a corporate card scheme and expansion into Canada and Dubai.
Corporate accounts generated 58% of total revenue, up from 38% in the same period last year, while private clients accounted for 42%, down from 60%.
The company noted that conversion of newly onboarded customers to active customers was constrained by foreign exchange rate volatility and economic effects of tariff-related developments during the period, with some high-value transactions being delayed until the second half of the year.
Cash and cash equivalents stood at £2.4 million as of June 30, 2025, resulting in a net cash position of £0.4 million.
"This has been a milestone period for Finseta as we launched our corporate card scheme and significantly expanded our international capabilities with full-service offerings in Dubai and Canada," said James Hickman, CEO of Finseta, in the press release statement.
The company expects to deliver full-year results in line with board expectations, with significant revenue growth anticipated in the second half of 2025. Finseta plans to publish its interim results in September 2025.
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