FDCTech (OTCQB:FDCT) Inc, a fintech-driven company specializing in buying and integrating small to mid-size legacy financial services companies, has announced its results for the half-year ended June 30, 2022, which showed a 1,985% increase in revenue reflecting the continued successful integration of its wealth management business.
The company said it will continue to seek more strategic acquisition targets in the second half of 2022.
For the six months ended June 30, 2022, the company posted revenue of $3,066,971 up from $147,078 in the same period of 2021.
The company incurred a net loss of $748,918 in the six months to end-June 2022, up from $487,542 in the same period of 2021, but the net loss as a percentage of revenue decreased from 331.49% to 24.42%.
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FDCTech said its cash on hand was $134,888 as of June 30, 2022, compared to $93,546 on December 31, 2021. On June 30, 2022, the total stockholders' equity was $1,149,816 compared with a total stockholders' equity of $1,625,448 on December 31, 2021.
AD Advisory Services Pty Ltd, the company's Australian-regulated wealth management company with 20 offices, 28 advisors, and $530-plus million in funds under advice has also filed its audited financial statements under Australian Accounting Standards as required by the regulators.
AD saw its revenue rise to $8,279,083 for the fiscal year ended June 30, 2022, up from $7,948,412 at the same stage in 2021, with its total assets rising to $213,796 from $183,400.
FDCTech is a US-based, fully integrated financial technology company. FDC specializes in buying and integrating small to mid-size legacy financial services companies.
It develops and delivers a full suite of technology infrastructure solutions to forex, crypto, wealth management, and other future-proof financial sectors.
Contact the author at jon.hopkins@proactiveinvestors.com