From this, ISX generated €600,000 in profit, inclusive of a €1.6m write down in the NSX investment. Without this latter expense, the group recorded a €2.25m profit after tax, up 61% over 2021 on an annualised basis.
Other expenses amounted to €10.8m, a 15% rise prompted by higher employee costs, as well as increased depreciation and amortisation costs.
ISX said these, alongside increased operating costs, are part of a continued investment to build out the group’s technology stack.
It ended H1 with €5.5m in cash and cash equivalents, a €600,000 rise due to €3.3m generated from operating activities. This latter figure was partially offset by €1.5m in payments for intangible assets and another €1.5m in repayments of borrowings.
Looking ahead, ISX Managing Director and CEO Nikogiannis Karantzis touched on the group’s North American ambitions.
“Expansion into North America will require fresh capital to be deployed, particularly with regards to deployment of servers/systems, leases and employment of staff,” he wrote.
“Whilst the expansion can likely be funded from our cash flows, the company draws shareholders’ attention to the fact that access to capital markets may still be some time away due to unfavourable market conditions.”
ISX is a payments technology and financial services group headquartered in Nicosia, the capital of Cyprus.
It boasts a global footprint, though more than 99% of the group’s revenue is derived from the UK and European Economic Area (EEA).
