Quarterly Activities - Cashflow Report
Melbourne, Jan 29, 2021 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) (TA8:FRA) and its subsidiaries are pleased to present their 7th consecutive, positive, quarterly cash flow from operating activities.
- Cash and cash equivalents at the end of the quarter of $16.6m remain broadly flat to the prior quarter ($16.7m)
- Cash receipts of $8.0 m were down 10% versus the prior quarter
- Costs of $7.2m were down 2% versus the prior quarter
The Company is forecasting an (unaudited) FY 2020 Net Profit After Tax (NPAT) of circa A$1.4 million for FY2020 (Jan to Dec), with underlying NPAT greater than circa A$4.0m if excluding one off costs.
The NPAT has been impacted by several one-off costs of circa $2.6m (after tax) associated with the ASX dispute, including legal fees, compliance costs and costs related to exploring alternative listing opportunities.
Whilst 2020 has been a challenging year for ISX, the Company has reflected on the Group's role in the European and UK financial services sector and the social contract attached to its position. Accordingly, the Company has tightened its operational risk controls which involved reviewing its entire book of customers. This has led to both an increase in compliance costs in the quarter as well as the voluntary culling of a small number of nonmaterial merchants to ensure that the Company's standards are reflected in its customer exposures. This has contributed to a decline in revenues this quarter, but we feel it positions the business well over the longer term.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/28EJ80ZQ
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.
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