RCS - NAGA Group AG (The) - NAGA: strongest half-year in the company's history

NAGA AGAnnouncement

17/07/2020 08:05

RNS Number : 3266T
  
NAGA Group AG (The)
  
17 July 2020
  
 

The NAGA Group AG: NAGA closes its strongest half-year in the company's history - € 12.1 million sales and € 50 billion trading volume recorded



DGAP-News: The NAGA Group AG / Key word(s): Half Year Results

17.07.2020 / 07:30

The issuer is solely responsible for the content of this announcement.
NAGA closes its strongest half-year in the company's history -

€ 12.1 million sales and € 50 billion trading volume recorded
 
- Q2 2020 with strong growth in volume, transactions and around € 12.1 million in sales
- Regulatory authorities give green light for FOSUN transaction
- Increased marketing measures and additional hires to boost growth


Hamburg, 17th of July 2020 - The NAGA Group AG concludes its strongest half-year result in the company's history. In addition to increased sales from trading and profitable growth, registrations, transactions, trading volume and new customer deposits also increased significantly compared to the previous year.
The company reports preliminary sales revenues of € 12.1 million and an EBITDA margin of around 30.5% (HY1 2019: € 1.67 million turnover, loss of - € 6.6 million). In 2020, over 46,000 new users registered for NAGA (HY1 2019: 18,500), and more than € 26 million in new client deposits were made to the platform (HY1 2019: € 8.3 million). The strong increase in transactions and trading volume is also encouraging. In the first six months of 2020, over 2.7 million real money trades with a trading volume of around € 50 billion were executed via the platform. In the previous year, 1.1 million trades with a trading volume of € 16.5 billion were posted at the same time.
"We are growing very quickly. The last year was marked by a new growth strategy which has shown its first effects at the beginning of 2020. Another quarter in, we see that our growth is sustainable. Despite lower volatility on the markets than in Q1, we were able to generate more than € 5 million in sales from trading revenue in Q2. Our product and technology are now at an absolute top level and we will continue to attach great importance to user experience and full automation of internal processes. On the operational side, we focus heavily on new customer acquisition and prepare ourselves for the second half of 2020 with new hires, improved internal structures and further
intensified marketing measures, but above all we want to be ready for the growth in 2021. The platform has by no means shown its full potential yet and we remain fully on track to generate further growth boosts whilst maintaining our profitability", commented CEO Benjamin Bilski on the half-year results.
The company also reports that the regulatory authorities approved FOSUN's transaction to obtain a majority stake earlier this month. As reported on August 26, 2019 via an Ad-Hoc publication, last year NAGA was provided with around € 5 million in growth capital by FOSUN through shareholder loans and a convertible bond with the exclusion of shareholders' subscription rights. As part of this transaction, the FOSUN Group increased its stake to a majority stake by acquiring a further 17.22% of the company's shares from existing shareholders. The terms of the transaction also required NAGA management to also acquire shares from existing shareholders. Furthermore, approximately 90% of the shareholders agreed to a lockup agreement for 3 more years for the total number of their shares. The transaction could not be fully completed due to conditions that are pending to be met, including an approval by the regulatory authorities. The process has also been significantly delayed due to the COVID19 restrictions. The transaction, including the aforementioned transfer of shares to FOSUN and NAGA management, is now expected to be completed in the coming weeks.
"We are happy that we can now complete all of the restructuring tasks. In the course of the agreed transaction last August, where NAGA was in a very difficult situation, the management board and our anchor investor FOSUN acted with full conviction and we are pleased that the first goals have been achieved", concludes Bilski.
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About NAGA
NAGA is an innovative fintech company that has developed a socially enhanced financial system that creates a unified and seamless experience across personal finance and investing. Its proprietary platform offers a range of products ranging from trading, investing, and cryptocurrencies to a physical Mastercard and social investing features such as a Feed, a Messenger and Auto-Copy. NAGA is a synergistic all-in-one solution that's accessible and inclusive, and that provides a better way to trade, invest, connect, earn, acquire and pay, across both fiat and crypto.
 
 
17.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.



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Language:


English




Company:


The NAGA Group AG








Hohe Bleichen 12








20354 Hamburg








Germany




E-mail:


info@naga.com




Internet:


www.naga.com




ISIN:


DE000A161NR7




WKN:


A161NR




Indices:


Scale 30




Listed:


Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange




EQS News ID:


1095775



 











End of News


DGAP News Service



 


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