ZignSec
Interim report for the period 1 April 2023 to 30 June 2023 (MFN)
ZignSec
Second quarter in summary
- Net revenue amounted to SEK 21.1 (23.4) million, a decrease of 10% compared with the corresponding quarter the year before.
- EBITDA amounted to SEK -7.2 (-7.5) million.
- Cash and cash equivalents amounted to SEK 8.2 (6.3) million.
- Equity amounted to SEK 184.5 (238.2) million.
Significant events during the second quarter
- Glenn Mac Donald has been appointed as the new CEO for the group, the change is made to allow an increased focus on sales and growth in the group with the company's best interests in mind.
- ZignSec has decided to implement measures for cost savings and efficiencies which are estimated to reduce the group's costs by SEK 14 million annually.
- ZignSec has been granted a Limited Use Authorization as a FinTech Entity by India's International Financial Services Centers Authority (IFSCA). ZignSec is currently the only company offering KYC services in the IFSCA sandbox program.
Significant events after the end of the second quarter
- ZignSec has carried out a Rights Issue that was 61 percent subscribed for, with and without the support of subscription rights. ZignSec thereby receives a total of approximately SEK 19.6 million before issue costs.
A comment from the CEO Glenn Mac Donald:
During the second quarter, where we generated net sales of SEK 21.1m (SEK 23.4m), our focus has been to restructure the organization for improved profitability and cash flows. The results of these efforts will materialize from Q4 2023. To secure our current cash needs, Zignsec has carried out a rights issue generating SEK 19.6m before issue costs.
For more information, please contact:
Glenn Mac Donald, CEO
Tel: +31 647 13 26 22
Marie-Louise Gefwert, Chairman of the Board
Tel: +46 70 644 90 80
marie-louise.gefwert@zignsec.com
About ZignSec
ZignSec is a technology group in the fast-growing RegTech industry. The company provides SAAS platform with digital real-time solutions for customer due diligence and ID verification with global reach. The solutions are used by companies that in turn can optimize their processes for "onboarding" both corporate customers and consumers and at the same time ensure compliance with ever-changing local and global regulatory requirements for Know Your Customer (KYC) and Anti Money Laundering (AML).
Link to where the report is published on ZignSec’s Website:
https://zignsec.com/investorrelations/
Nasdaq First North (ZIGN)
Certified Adviser: Eminova Fondkommission AB, Phone: +46 8 684 211 00
This information is information that ZignSec is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-25 08:00 CEST.
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