MyBucks releases 2017 audited financial statements
Luxembourg, January 31, 2018 - Frankfurt-listed FinTech, MyBucks S.A. (and together with its subsidiaries, the "Group") has announced the release of its Audited Financial Statements for the period ending 30 June 2017. Further to this, the Group announced its Annual General Meeting will be set for February 20, 2018 – with the appropriate notices to be published later this week.
With figures unchanged from the unaudited results released at the end of 2017, the audited results cover an effective transitional period in which the company integrated four Opportunity Banks in Africa and acquired Fair Go Finance in Australia. MyBucks was able to turn around these entities to break-even on a monthly basis before December 2017, a status many of them have not experienced for a decade.
The costs of these strategic acquisitions - together with continued technological innovation which forms the lifeblood of the Group - has been absorbed by the Group in its financial statements. Combining the growth in scale and consolidating finance costs of the new entities, the Group’s finance costs increased from €11.7m to €21.3m, representing an increase in gross funding costs.
The Group’s operating profit (EBIT) maintained at about €11m from the 2016 financial year to the 2017 financial year, despite an increase in the net loan book from €38.8m as of 30 June 2016 to €68.5m at 30 June 2017 and a corresponding revenue increase from €36.3m to €53.8m on the back of an increase in disbursements by more than 50.0% to over EUR 120m. The full set of numbers and performance indicators are available for download on the company website.
As a Fintech, MyBucks continues to grow into a globally respected brand that is built on innovation and financial inclusion. Testament to this is winning the 2017 European Fintech award for financial inclusion. MyBucks products are both innovative and inclusive, built on the premise of efficient, cost-effective and paperless lending.
MyBucks CEO Dave van Niekerk said: “A key focus for the Group during the upcoming 2018 financial year will also be to reduce its costs of funding and to refinance most of the high-yielding funding lines. That being said, the acquisition of the new entities puts MyBucks in a position for significant future growth and profitability.
“Last year we rolled out exciting technology in both new and existing markets, making sure our global footprint continues to increase. The Group’s vision of driving financial inclusion will see us continue to have a positive impact on the lives and economies where we operate, as well as contribute to a positive outlook for 2018 and future growth.”
MyBucks S.A. (WKN: A2AJLT, ISIN: LU1404975507, Ticker Symbol: MBC:GR) is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands Fair Go, GetBucks, GetSure, NFB and Opportunity Bank the company offers impact loans, unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and today has operations in eleven African as well as in Australia and Poland. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
Discover more at: www.mybucks.com