Payment solutions and fintech company RC365 Holding PLC (LSE:RCGH) saw a 30.2% increase in revenue, rising to HK$22.0 million from HK$16.9 million (£2.2 million from (£16.9 million) the year ending 31 March.
Gross margins improved to 99.6%, up from 94.7% last year, while operating losses fell substantially.
During the period, RC365 expanded its product offerings and entered into new partnerships, notably with MasterCard to offer custodian accounts and branded cards.
Post-period, RC365 gained a Money Lenders Licence, enabling it to offer digital lending services anticipated to launch by the end of 2024.
The company also entered new geographical markets, securing its first customers in Malaysia and Japan.
RC365 signed agreements to issue and manage MasterCard card services for leading entities in these regions, with over 1,000 cards issued to date.
Additionally, the company established a subsidiary in Malaysia, RC365 Solutions, to centralise IT activities and support regional expansion.
In a strategic acquisition, RC365 purchased Mr. Meal Production Ltd, a media and advertising services provider in Hong Kong, for HK$2.0 million.
Chief Executive Officer Chi Kit (Michael) LAW called it “an excellent year for RC365”.
“We delivered a significant increase in revenue, reflecting growth across our business, and were cash generative.
“We strengthened our existing product offering through establishing partnerships that enable us to offer custodian accounts and payment cards while taking important steps towards expanding into virtual banking, which we believe will be a key driver of future growth.”
Cash generated from operating activities was HK$7.5 million, a significant turnaround from the HK$6.0 million cash usage in 2023.
As of 31 March, RC365's cash and cash equivalents stood at HK$19.3 million.