RC365 Holding PLC (LSE:RCGH) more than doubled its revenues in the last financial year, with today’s results showing an increase from HK$8.1mln in 2022 to HK$16.9mln (£1.7mln) in the year ending 31 March 2023.
Losses for the payment gateway solutions and IT support group increased by 38% to HK$5.4mln, while cash and cash equivalents fell from HK$23.4mln to HK$9.5mln.
However, cash has increased to HK$20mln post the reporting period.
Net assets on the books increased 63% to HK$31mln.
Operational highlights outlined in today’s trading update included:
- The launch of RC ERP and RC POS products
- The acquisition of RCPAY Limited in Hong Kong, Regal Crown Technology in Singapore Limited and RCPAY Limited (UK)
- Signing a white-label application development agreement with WCHING Technology for the development of a mobile application product
- Entering into a 10% convertible loan for an aggregated principle amount of HK$5mln and convertible into new ordinary shares in HK Easy Charge, a provider of shared wireless power bank rental stations in Hong Kong.
RC365 stated: “The board continues to be optimistic about the outlook for 2024 given the group's growing pipeline of potential opportunities for further growth.”