Abstract:The company's net assets increased by €11.4 million. Revenue from customers grew 4% during the period.
ISX Financial EU Plc released its Annual Report and audited results for 2021 on Tuesday. According to the report, revenue for the Group increased 4.1% to €22.7 million as the company focused on diversifying its revenue away from card acquiring and toward lower-cost SEPA instant and batch interbank payments .
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During the year ended December 31, 2021, expenses and other charges increased by 12% or €2.2 million to €20.4 million, primarily due to an impairment charge of €1.1 million on the Group's investment in NSX Limited and additional costs to support revenue growth.
Additional employees were hired to manage current and future customer growth, which increased employee benefits and expenses by €1.4 million. As ISX Financial EU continued to invest in its key software assets, depreciation and amortization expenses increased by €0.8 million.
For the period, ISX Financial EUs net assets increased by €11.4 million to €7.5 million, primarily due to an increase of €5.1 million in share capital (related to the demerger from Southern Cross Payments Ltd) and equity contribution of €5.2 million, plus a profit of €1.3 million.
During the period, the Group's financial position remained strong, with cash and cash equivalents of €5.0 million at the end of the period. There was €6.1 million in operating cash flows generated during the period, offset by €2.8 million in investing activities, largely related to software development, and €6.7 million in financing activities, mainly related to dividends and debt repayments to Southern Cross Payments Ltd.
“As part of its business activities, the Group faces a variety of risks, to which the Group has developed methods to manage and monitor these risks together with mitigation strategies, including by way of policy, procedures, controls and technology. The key risks the Group faces are outlined below. In addition, key risks facing the Group also include operational risk which also includes compliance , legal and reputational risk, regulatory risk, information security and cyber risk, digital transformation and technology risk as well as business model and strategic risk,” the company noted.
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