Zurich-based investment firm ayondo, which operates a regulated online social trading platform in London and Frankfurt, has reported its financials for the first half ending June 30, 2018. The failed to mitigate its losses for the reported period, having spent additional resources around the IPO process and other internal structuring, which really weighed down the broker’s profits this year.
Despite its losses, revenues were pointed higher on a yearly basis.
In terms of its operations, dramatically hiked its operating losses to a figure of CHF 5.0 million (-$5.02 million) for the H1 2018. This reflected an increase of 47 percent year-over-year from a loss of CHF 3.4 million (-$3.42 million) for the first half of 2017.
Over this period, ayondo saw its increase to CHF 12.0 million for the January-June period, up from just CHF 9.5 million a year ago, or 26 percent higher year-over-year.
The primary culprit for the rise has been the increase in active clients from 29,416 in H1 2017 to 36,580 in H1 2018, up 24 percent over a year basis. This notable advance was largely attributed to particularly strong growth in the B2B business. Further, ayondo saw a small increase by 1 percent in average revenue per client which improved from CHF 323 to CHF 327.
Commenting on thre results, Robert Lempka, CEO of ayondo Group, said: “We continue to build and realise a strong B2B business pipeline with a focus on Asia while also ensuring we maintain an active focus on our core European markets. While continuing to invest in product innovation and business development we are extremely focused on cost discipline to deliver lower total costs with a view to moving towards profitability.”
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