Finseta plc (LON:FIN), a payments solutions company offering multi-currency accounts to businesses and individuals through its proprietary technology platform, has announced its unaudited interim results for the six months ended 30 June 2026.
Financial Summary
· Revenue of £5.4m (H1 2025: £5.9m), reflecting the previously reported macroeconomic headwinds
· Gross margin improved to 66.1% (H1 2025: 62.7%) primarily due to the proportion of corporate customers within the sales mix increasing to 75% (H1 2025: 58%)
· Adjusted1 EBITDA loss of £1.0m (H1 2025: £0.3m profit) as the Group continued to invest in its strategic growth initiatives
· Cash and cash equivalents at 30 June 2026 were £2.1m (31 December 2025: £1.5m), with net debt of £0.2m2 (31 December 2025: £0.3m net debt)
Operational Summary
· Growth in active customers3 to 1,389 (H1 2025: 1,101) demonstrating continued success in customer acquisition
· Macroeconomic headwinds resulted in reduced average revenue per customer due to temporarily suppressed customer demand and lengthened sales cycles
· Continued strategic progress to accelerate medium-term growth:
o 224% increase in revenue generated from Dubai, albeit the pace of growth was curtailed by the impact of the ongoing conflict in the Middle East
o Despite the challenging macroeconomic backdrop, the Group achieved 19% growth in revenue from corporate customers, reflecting the 2025 decision to increase focus on the business-to-business offering
o Granted a Retail Endorsement by the Dubai Financial Services Authority (“DFSA”), which allows Finseta to provide payment services to retail clients, in addition to corporate and professional clients
o Submitted an initial application to the Malta Financial Services Authority (“MFSA”) for regulatory permissions that, once granted, will allow the Group to market its services to European clients
o Sustained implementation of product and service enhancements, with a focus on corporate customers and key verticals with complex requirements
James Hickman, CEO of Finseta, said: “While our trading performance for the first half of the year was impacted by the challenging macroeconomic environment across our key markets, our core operational foundation remained strong, and we continued to increase our customer base. I am also pleased that, despite the external pressures, we achieved revenue growth in Dubai and among corporate clients, which have been key focus areas for Finseta. In addition, we continued to execute on our strategy to expand our geographic capabilities and to enhance our offering to corporates with complex requirements, where Finseta has a distinctive competitive advantage. Accordingly, and alongside ongoing proactive management of costs and measures to protect operating margins, we have strengthened our position for when conditions improve and our ability to deliver accelerated sustainable growth in the medium term.”
