Half Year Accounts
Key Highlights 1H20 versus 1H19
- Revenue : $19.5 million Up 173% from $7.1 million in H12019
- Profit (after tax) : $770k up from a loss of $875k in H12019, inclusive of a tax expense of $734k in the period
- Normalised Profit (after tax) : $3.4 million for the half (excluding a one off write down of the NSX investment of $1.6 million and $1m legal costs), from a loss of $875k in the prior corresponding period
- EPS : $0.07 cents, up from a loss per share of $0.08 cents
- R&D Investment : $363k up 101% from $181k
John Karantzis, Managing Director of iSignthis Ltd, said "I'm pleased to present a half year profit, demonstrating the solid foundations which we have built over the last few years.
Our recurring revenues continue to grow, despite some significant business and reputational impacts during the period as a consequence the ASX's suspension and "Statement of Reasons".
We continue to invest in research and development of further extensions to existing or new platforms and services, which we expect will position us for further growth in the EEA.
Following a year of disruption due to the ASX matter and COVID-19, the Company is now also in a position to consider its options fully with regards to further territorial expansion outside the EEA."
The Company advises that through completion of the audit review process there have been a number of minor changes to the accounts of the Company, since the preliminary accounts were released on 28 August 2020.
The reported profit after tax for the half year has decreased by $58,152, to $770,028 and net assets reduced by a total of $107,897 to $24,961,226. These changes are largely due as the result of finalisation of acquisition accounting for the UAB Baltic Banking Services business, acquired in 2019. The reported cash at bank has reduced from $16.1m to $15.5m, due to an offsetting reduction in contract liabilities.
The Company in the same period invested $5.7m cash to acquire 19.22% of the NSX Limited and received $3.2m for the NSX investment in ClearPay Pty Ltd, such that normalised cash at bank without this investment would have increased to $18m.
Legal costs of $1m have also been incurred in our claim against the ASX for misleading and deceptive conduct with the damages claimed currently quantified at $462m.
To view the full report, please visit:
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.