DGAP-News: FinTech Group: record half-year figures, successful start in Holland, preparations for Spain market entry and increase of guidance
DGAP-News: FinTech Group AG / Key word(s): Half Year Results/Expansion
Corporate News / Frankfurt/Main, July 24, 2019
FinTech Group: record half-year figures, successful start in Holland, preparations for Spain market entry and increase of guidance
- Record revenues of EUR 64.3 million and record EBITDA of EUR 19.7 million (preliminary)
- Record number of new customers: c. 22,000 new customers in Germany and Austria
- Start in Holland with over 2,500 account openings after four weeks
- Preparations for roll-out in Spain ongoing
- Stronger second half expected; EBITDA margin target raised to 31% from 29%
Frankfurt/Main - Despite a much less volatile first half of the year 2019, compared to 2018, FinTech Group AG (ISIN: DE000FTG1111, WKN: FTG111, Ticker: FTK.GR) achieved a preliminary record half-year result. The online brokerage business flatex contributed to this result in particular. With over 22,000 new customers in Germany and Austria, in the first six months of this year, more new customers than ever before decided in favour of the award-winning business model of flatex.
"Our half-year results and the trust of over 22,000 new customers are remarkable proof that our trading active customers do not simply want to trade inexpensively. At least equally important is, however, the extraordinarily broad product offering and the excellent service. This combination is what only flatex offers in the market.", CEO of FinTech Group AG Frank Niehage is sure. "Due to these key factors - price, product and platform - the market entry into Holland was as successful as expected. The flatex.nl website recorded more than 120,000 visitors in the first 4 weeks, more than 2,500 customers have already decided in favour of a flatex account."
The German broker with the zero-Euro offering has also been received well by the Dutch media. However, no one at the FinTech Group will rest on this success, it is merely the first step towards the declared growth strategy to develop the leading pan-European online broker over the next years. Preparations for the roll-out in Spain in Q4 2019 are already ongoing.
"For years, we are demonstrating convincingly how profitable growth works. Despite low volatility in the markets in comparison to the previous year, and the one-off investment for the market entry into Holland, with around EUR 65 million revenue and around EUR 20 million EBITDA we achieved the best first half-year in the company's history. The efficiencies result from increasingly leveraging our internal synergies between the B2B and the B2C business. For the current B2B project with Vallbanc, our colleagues already added French and Spanish as languages to our core banking system last year. This allows a cost-efficient and easy market entry into Spain in Q4 2019.", Muhamad Chahrour says with confidence.
Due to the successful first half-year and the promising flatex roll-out in the Netherlands, FinTech Group management raises the expected EBITDA margin target for 2019 to 31% from previously 29%.
Many B2B customers, the state infrastructure and established financial services companies as well as disruptive business ideas benefit from FinTech Group's white label banking technology and become quickly successful busi-nesses due to the self-developed core banking system (FTG:CBS) that belongs to the most modern and most modular systems in the market - the standard platform for private and specialist banks. In times of bank consol-idation, low interest rates and digitalisation, FinTech Group is ideally positioned for further growth and well on its way to becoming Europe's leading provider of financial technology.
24.07.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||FinTech Group AG|
|60327 Frankfurt / Main|
|Phone:||+49 (0) 69 450001 0|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||845589|
|End of News||DGAP News Service|