HALO Technologies (ASX:HAL) profits nosedive on “weak” market conditions in 2022

• HALO Technologies (HAL) reports an 8.7 per cent dip in operating revenue and a whopping 173 per cent decline in annual profits after tax over 2022
• The trading and investment platform posted a net loss of $2 million in its 2022 annual report compared to a profit of $2.78 million the year before
• HALO blames the downturn on “weak share market conditions” over 2022 causing reduced transaction volumes and brokerage revenue
• However, the company insists 2023 is already showing “strong signs of a market turnaround”, with February brokerage revenue the highest for HAL in 14 months
• Shares in HALO Technologies are down 10 per cent to 18 cents at 2:17 pm AEDT

Investment software specialist HALO Technologies (HAL) has posted an 8.7 per cent dip in operating revenue and a whopping 173 per cent decline in annual profits after tax over 2022.

The trading and investment platform posted revenue of $9.6 million for the year and a net loss of $2 million in its 2022 annual report compared to a profit of $2.78 million the year before.

HALO blamed the downturn on “weak share market conditions” over 2022 that caused reduced transaction volumes and brokerage revenue.

However, the company — which listed on the ASX in April 2022 — said 2023 was already beginning to turn around as it invested in growth over the past year.

In December, HALO launched a new property product to attract customers from the Australian real estate market, led by ANZ chief economist Warren Hogan.

HALO also signed an agreement with a dealer group resulting in the addition of clients resulting in approximately $300 million in funds under management.

HALO will acquire 100 per cent of Resilient Fund Managers, a fully-licensed financial services entity based in the United Kingdom. This is to accelerate plans to transition into the European markets.

The company said 2023 was already showing “strong signs of a market turnaround”, with February brokerage revenue the highest for HAL in 14 months.

Shares in HALO Technologies were down 10 per cent to 18 cents at 2:17 pm AEDT.