SINGAPORE (May 9): Ayondo, the fintech group which made its debut of the SGX Catalist board in March, has posted losses of CHF 6.3 million ($8.4 million) for the 1Q, more than doubling from losses of CHF 2.8 million a year ago.
The heavier losses were primarily due to one-off IPO costs of CHF 1.9 million and higher finance costs during the quarter.
Finance costs increased more than five-fold to CHF 3.0 million in 1Q18, as a result of the conversion of outstanding convertible bonds at the IPO in March.
Trading revenue jumped 67.9% to CHF 7.3 million during the quarter, from CHF 4.3 million a year ago.
This was the result of a 36% increase in the number of active clients to 30,539 in 1Q18, from 22,419 a year ago.
Average revenue per active client grew 23% to CHF 239 during the quarter, from CHF 194 a year ago, due to accelerated trading activity on the back of higher market volatility.
As at end March, cash and cash equivalents stood at CHF 9.7 million.
“Our maiden report as an SGX-listed company shows excellent progress and we will continue to focus on the expansion of our B2B and B2C business,” says Ayondo CEO Robert Lempka.
“We continue to remain vigilant around cost management while investing in product innovation and customer acquisition as part of our fintech growth strategy,” he adds.
Shares of Ayondo closed 0.4 cents higher, or up 3.1%, at 13.4 cents on Wednesday.
