Business
Results for the year ended 31 March 2023
Results for the year ended 31 March 2023.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n\n31 July 2023\nGSTechnologies Limited\n \n(\"GST\" or the \"Company\" or the \"Group\")\n \nResults for the year ended 31 March 2023\n \nGSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce the Company's audited results for the year ended 31 March 2023.\n \nThe Company's Annual Report for the financial year ending 31 March 2023 will shortly be available on the Company's website at https://www.gstechnologies.co.uk/annual-reports.\n \nHighlights\n \n\n\n\n\n· \n\n\nFirst full year reporting period following the completion of the acquisition of Angra Limited (\"Angra\") in February 2022, a UK-based foreign exchange and payment services company\n\n\n\n\n· \n\n\nCompletion of the acquisition of UAB Glindala (\"Glindala\"), a holder of a Crypto Currency Exchange Licence registered in Lithuania, in August 2022\n\n\n\n\n· \n\n\nCompletion of the disposal of EMS Wiring Systems Pte Ltd (\"EMS\"), a non-core loss-making business, to a member of its management team, in September 2022\n\n\n\n\n· \n\n\nGS20 Exchange soft launch\n\n\n\n\n· \n\n\nNet loss for the year of US$1,628,000 (2022: US$1,430,000 loss) as loss making EMS consolidated until completion of its disposal and the Company continued to invest in developing its GS Money solutions\n\n\n\n\n· \n\n\nAs of 31 March 2023, the Company had US$4,252,000 in cash and cash equivalents (31 March 2022: US$5,104,000)\n\n\n\n\n \nPost Period Highlights\n \n\n\n\n\n· \n\n\nCompany admitted to UK Financial Conduct Authority (\"FCA\") Innovation Pathway Programme to assist the progression of its GS Money Stablecoin plans\n\n\n\n\n· \n\n\nCompany entered into a legally binding sale and purchase agreement on 20 July 2023 to acquire the entire issued share capital of PAYPT Finance Ltd (\"PAYPT\"), a Canadian company holding a Canadian Money Services Business (\"MSB\") licence. The acquisition is subject to approval by the Financial Transactions and Reports Analysis Centre of Canada (\"FINTRAC\"), the regulatory authority overseeing financial transactions in Canada.\n\n\n\n\n \nCHAIRMAN'S STATEMENT\n \nDuring the year GST made further significant progress as the Company focused on its...