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TechFinancials perform in 2016

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The trading software developer struggled with tighter regulations last year, but its chairman expects first half results for 2016 to be “back on track” according to expectations.

Shares in financial trading solutions provider TechFinancials Inc (LON:TECH) soared 13% after the firm said it is on track to meet market expectations for its 2016 first half results.

The firm has managed to sign up five new clients in the first six months of the year, while the company has also boosted its cash position by nearly US$0.5mln (£0.38mln) to US$3.85mln.

The company said today that strong trading and improving cash position will stand the business in good stead as it looks to grow.

Chairman, Christopher Bell said, “I am pleased to report that both our B2B and B2C divisions have been performing well since the start of this financial year and that trading is in line with market expectations”.

“We have signed five software licensing contracts in the last sixth months and we are seeing a general increase in demand for our trading solutions.”

Bell says he is particularly encouraged with the B2C division’s performance so far in 2016, given the challenges that side of the business faced last year.

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Paul

The author Paul