- iSignthis (ISX) has released its half-yearly report, which shows revenue has increased 141 per cent to $18 million
- In the six months to June 30, the company also delivered an unaudited profit after tax of $828,179
- That’s a big improvement on the same period in 2019, when iSignthis ended with a loss of $729,190
- In another positive development, the company finishes the half with around $16 million in the bank and cashflow positive
- iSignthis will release its full audited results later in the year, after asking the ASX for an extension
- Shares in ISX have been suspended since October 2019, and the company is in the midst of a protracted legal battle with the Australian Stock Exchange
Troubled financial technology company iSignthis (ISX) has released its half-yearly report for the six months to June 30, showing overall positive results.
Half-year results
The report released today shows iSignthis’ revenue between January and June totalled $18 million, a 141 per cent increase compared to the same period in 2019.
Additionally, the company ended the first half of CY20 with an unaudited profit after tax of $828,179. This is a big improvement on the same period of CY19, when the company recorded a net loss of $729,190.
The good results continued, with iSignthis increasing its cash in the bank from $10 million in 1H CY19 to $16.1 million in the same period for 2020.
It also ended the half cash flow positive, with around $3.4 million on its operating balance sheet.
iSignthis has revealed it plans to release its full audited results later in the year, after asking the ASX for an extension.
It said in a statement, “the company will utilise the ASIC Relief and the corresponding ASX class waiver, to extend the lodgement deadline for the half-year reviewed accounts to ASIC from 75 days to 106 days for the half year-end.”
Legal troubles
The positive half-yearly results come as the company continues to battle the ASX in court over a series of issues, relating to its suspension.
Earlier this week, iSignthis announced it was seeking $246 million in damages from the stock-exchange board over its decision to freeze the company’s stock.
iSignthis shares have remained suspended from trading since October 2019, when they last traded for $1.07 each.