The mobile FinTech sector has witnessed a significant development with the recent appointment of Andrew Bowen as the new Chief Financial Officer. This transition comes at a pivotal time as the company reports a notable reduction in its operational losses.
2018 Financial Performance
A prominent player in the mobile payment solutions market has shared its financial results for 2018. The company’s operating losses have been notably reduced to £0.2 million, down from £0.6 million the previous year.
The company’s trading for the year met market expectations, reflecting increased revenues year-on-year. Offices in Romania, the Philippines, and London enabled this growth.
Key Factors for Improved Performance
According to Chairman Michael Dickerson, the improvement observed in the latter half of the year stemmed from the introduction of a new revenue channel for payment fraud management leveraging in-house technology. Additionally, there was a consistent reduction in the operating cost base.
“We expect to see this growth continue as the e-commerce and digital channels increasingly become our clients’ core strategic focus for customer engagement,” he noted. The expansion of new fraud management services also played a critical role.
Transition to Profitability
In the second half of 2018, the company achieved a profit before interest, tax, and depreciation, marking a positive shift towards profitability.
The move signifies the company’s stronger footing in the competitive FinTech market. Revenue growth, coupled with cost reductions, has driven this financial turnaround. The company aims to sustain this momentum moving forward.
Appointment of Andrew Bowen as CFO
The company has appointed Andrew Bowen as the new Chief Financial Officer on a part-time basis. This decision is aimed at bolstering the board and management team in its governance and development efforts.
Bowen brings a wealth of experience, having served as finance director at various technology and telecommunications firms. He is also a principal with the FD Centre, where he provides part-time finance director services.
Strategic Focus and Future Outlook
The company’s strategic focus on e-commerce and digital channels appeared to be a key driver of its improved performance. This focus aligns with market trends as companies increasingly engage customers through digital means.
The firm is poised to enhance its fraud management services further, which are expected to see substantial growth. This strategy underscores the company’s commitment to leveraging technology to safeguard transactions.
The continued adoption of digital engagement channels by clients will be a cornerstone of future growth.
Chairman’s Statement on Future Prospects
Michael Dickerson expressed optimism regarding the company’s future. He believes the initiatives put in place will sustain the company’s growth trajectory.
“We are confident that our evolving strategies will support our clients’ needs and drive our own business objectives,” Dickerson stated. He highlighted the enlarging role of digital channels in their operational framework.
Governance and Development Initiatives
Andrew Bowen’s appointment reflects the company’s commitment to enhancing its governance and development practices. His part-time role as CFO underscores a strategic approach to financial management.
The company aims to build on its current successes by focusing on efficient governance and robust development initiatives in the coming years.
The appointment of Andrew Bowen as CFO marks a strategic move for the company as it continues to recover from financial losses. The company’s focus on digital channels and fraud management services is expected to drive future growth, positioning it strongly within the market.
