ISX Financial: Q1 unaudited profit of €0.8m

Cyprus- based payments platform ISX Financial said it has recorded an unaudited profit of €0.8m in the first quarter of 2023, while excluding the NSX impairment, the Group recorded a profit of €1.4m, up 9.1% on 1Q22.

“In Quarter 1 2023 the Group focused on growth in new and existing open banking channels,” it said. “Total Electronic Money Issued was up 6.9% and revenue up €331k or 4.8% versus the same quarter last year.”

Margins decreased slightly in the quarter, as the Group continued to focus on diversifying its revenue away from card acquiring, towards lower cost instant and batched interbank payments. Costs from payment schemes dropped by 35% or €454,000 due to the shift away from card acquiring.

“Expenses in the first quarter were up 9% versus the same quarter last year,” said ISX Financial. “Expenses increased due to higher VAT costs, increased Depreciation and Amortisation costs as the Group continues to invest in its core technology stack and an increase in the NSX impairment due to share price volatility in the quarter, partially offset by lower payment scheme costs as previously mentioned.”

The incurred a €629,000 impairment charge on its investment in NSX Limited (€474k in 1Q22).

Cash and cash equivalents grew €1.3m in the quarter to €7.3m, an increase of €1.9m or 34.7% since 1Q22.

Also, the Group saw funds held on behalf of merchants increase to €123m, up 26.6% from the same quarter last year.

About ISX Financial

ISX Financial is a Cypriot Headquartered company with over 10,000 shareholders.
The company focuses on leading eMoney, payments and identity technology company.

Its product offerings all revolve around optimising the online payment experience. “We provide to cross-border, regulated and high value businesses with a complete customer onboarding solution, remote identity verification, payment processing, card acquiring, settlement and deposit-taking eMoney services,” it said. “With a unique set of tech capabilities, partnerships and licence combinations across Europe and Australia, we are positioned to offer solutions through a single relationship and technical integration.”