Business
Results for the year ended 31 March 2024
Results for the year ended 31 March 2024.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n\n24 July 2024\nGSTechnologies Limited\n \n(\"GST\" or the \"Company\" or the \"Group\")\n \nResults for the year ended 31 March 2024\n \nGSTechnologies Limited (LSE: GST), the fintech company, is pleased to announce the Company's audited results for the year ended 31 March 2024 (\"FY24\").\n \nHighlights\n \n\n\n\n\n· \n\n\nFirst full year reporting period as a pure play fintech group following the completion of the disposal of EMS Wiring Systems Pte Ltd in September 2022\n\n\n\n\n· \n\n\nCompletion of the acquisition of PAYPT Finance Ltd (\"PAYPT\"), a Canadian company holding a Canadian Money Services Business (\"MSB\") licence, in August 2023\n\n\n\n\n· \n\n\nFormation of Angra Global following the acquisition of PAYPT, with significant growth in H2 FY24 and in the current financial year as the business rolled out its multi-currency e-wallet service\n\n\n\n\n· \n\n\nSoft rollout of the GS20 Exchange completed and the development of the GS20 Exchange has progressed in accordance with the Board's expectations\n\n\n\n\n· \n\n\nCompletion of the acquisition of Semnet Pte Ltd (\"Semnet\"), a cybersecurity company based in Singapore, in 29 February 2024. Prior to the acquisition's completion, a US$36 million contract was secured for the sale of high-performance application servers and solutions specifically designed for artificial intelligence (AI). These solutions feature the cutting-edge NVIDIA HGX H800 8-GPUs\n\n\n\n\n· \n\n\nOption purchase agreement to acquire 60% of EasySend Ltd (\"EasySend\"), a Northern Ireland company operating a cross-border payments business. Completion expected later in 2024\n\n\n\n\n· \n\n\nRevenue for the year of US$1.55 million (FY23 reported: US$2.32 million, including discontinued operations), with a fivefold increase in revenue in H2 FY24 (US$1.29 million) versus H1 FY24 (US$0.26 million)\n\n\n\n\n· \n\n\nNet loss for the year of US$1.22 million (FY23: US$1.63 million loss) as the Company continued to invest in developing its GS Money solutions, with a significantly decreased net loss in H2 FY24 (US$0.31 million) versus H1 FY24 (US$0.78 million)\n\n\n\n\n· \n\n...