May 31, 2024

ISX Financial EU PLC Annual Report 2023 Announcement

Friday 31st May, Nicosia:  ISX Financial EU PLC ("ISXPlc"), is pleased to present its 2023 Audited Annual Report and Chief Financial Officer, Ajay Treon’s commentary.

The 2023 financial year demonstrated ISX’s ability to further grow and commence scaling as a multi-territory provider of transactional banking services.

Building upon FY2023, FY2024 is already demonstrating further growth and scaling, with increased customers, revenues, product availability and profitability.

Ajay Treon, Chief Financial Officer Analysis

2023 Annual Report Highlights:

"As the Chief Financial Officer, and on behalf of the board of directors, I am excited to announce the release of our 2023 Annual Report, showcasing a year of record-breaking achievements and continued profitability for the fifth consecutive year. Building on the successes of 2022, our focus on growth, innovation, and strategic initiatives has enabled us to reach significant milestones. Our commitment to advancing the banktech and payments sector is evident in the remarkable progress we have made since our demerger in 2021.

1. Robust Growth: Our revenues increased by 17% year-on-year to €32 million. This growth was primarily driven by a 22% increase in processed volumes to €2.4 billion, coupled with strong demand for our instant payment solutions.

2.  Financial Strength: We maintain a solid financial footing with an EBITDA margin of 31%, demonstrating resilience and stability as a leading banktech payments company. The 6% year-on-year margin expansion underscores the benefits of our long-term investments and the impact of operating leverage as we scale.

3.  Innovation Focus: Our commitment to innovation is highlighted by investments exceeding €2.0 million in Research and Development. These investments fuel our customer-centric solutions and ensure we remain at the forefront of technological advancements.

4.  Trusted Partner: The funds we hold on behalf of our clients grew by 17% year-on-year to €121 million, underscoring our reputation as a trusted partner in the industry.

5.  Product and Partnership Development: The Company and partnership commenced development on a number of new product initiatives during 2023, including:

  • ISXFUK launching its own UK service under our own Sort Code and Implementing direct debit capability on ISXFUK issued accounts via the UK’s BACS network.
    ISX group extending the relationship with NASDAQ listed, to include our Paidby® service in the UK.

  • ISXFEU being granted additional approvals from the (Central) Bank of Lithuania to extend our electronic money service to include direct debit functions over the SEPA network

  • Enhancing our intellectual property portfolio with the grant of further patents in the European zone and offshore, including Australia.

  • Probanx being certified as a Pay.UK technical aggregator, allowing 3rd party Fintech’s to access the UK’s FPS network via the Probanx® CoreConnect gateway.

6.  Community Engagement: With two-thirds of our staff based in Cyprus, we continue to support our local communities. We are proud partners of the Ronald McDonald House, providing accommodation for families in need. Our staff actively participated in a blood donation campaign to address shortages in Nicosia, and also volunteered at Ronald McDonald house for kitchen and cleaning duties. We are also pleased to sponsor APOEL Football Club who went on to become the season’s champions.

7.  Future Outlook: As we look forward to 2024, we are building on our momentum with a record-breaking Q1. Our target is to achieve greater than €45 million in revenue, reflecting a 38% increase, while maintaining our EBITDA/profitability margin within the 25-35% range. With strategic planning and execution, we are confident in our ability to meet these targets and drive sustained growth in the years to come.

I am incredibly proud of our 2023 performance. We achieved a 17% increase in revenues, reaching €32 million, and a strong EBITDA margin of 31%. Our commitment to innovation and community engagement has been unwavering, with significant investments in R&D and active support for local initiatives.

These accomplishments are a testament to the hard work and dedication of our employees, the trust of our customers, and the support of our partners. Thank you all for your continued commitment to ISX. Looking ahead, 2024 has started with record-breaking momentum, and together, we are poised for even greater success."

Ajay Treon - CFO

Nikogiannis Karantzis, Chief Executive Officer:

"Our 2023 performance highlights our continued growth and stability as a leading provider of transactional banking services. The dedication of our team and the support of our customers and partners have been instrumental in achieving these results.

As we move into 2024, we remain focused on strategic growth and innovation, ensuring we deliver value and maintain our position at the forefront of the banktech and payments sector. I am confident that with our ongoing efforts, we will continue to build on our successes and achieve our goals.

Thank you to all our stakeholders for their trust and support. We look forward to another successful year ahead."

To view our 2023 Audited Annual Report please click below:

Annual Report 2023

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