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LONDON - TechFinancials Inc. reported a pre-tax loss of $0.206 million for the year ended December 31, 2024, compared to a loss of $0.166 million in 2023, according to its annual report released Friday.
The company, which transitioned from a financial trading platform developer to an investment entity, held no revenue for the year. Cash reserves declined to $0.17 million at year-end from $0.37 million the previous year.
TechFinancials reported a small unrealized profit of $16,000 from its investments in listed securities during 2024. The company’s financial assets at fair value through profit or loss stood at $110,000 as of December 31, 2024, up from $94,000 in 2023.
"2024 was a year in which the Company focused on looking for new ways to increase its value for shareholders," said Eitan Yanuv, Independent (LON:IOG) Non-Executive Chairman, in a statement.
Basic earnings per share were negative $0.0024, compared to negative $0.0019 in 2023. The board did not recommend a dividend for the year.
The company’s auditor confirmed in its report that TechFinancials has sufficient cash reserves to continue as a going concern for at least twelve months from the approval date of the financial statements.
TechFinancials is listed on the Aquis Stock Exchange. The information in this article is based on a company press release.
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