StockMarketWire.com - Digital payments group ThinkSmart swung to a first-half profit after it recorded a gain on the sale of its ClearPay Finance unit.

Pre-tax profit for the year through December amounted to £6.9m, swinging from a loss of £1.2m on-year.

On a continuing operations basis, the company booked a net loss of £0.9m which was a little narrower than the £1.0m it booked on year.

Revenue fell 5% to £3.8m.

'The successful sale of 90% of our ClearPay business to Afterpay realised considerable value for ThinkSmart, and is testament to the strategy we have built around developing our innovative digital point of sale payments and financing platform,' executive chairman Ned Montarello said.

'Investment in our technology platform, along with our expert team, proven processes, licenses and effective compliance regime has positioned us to explore new innovative products and partnerships in the coming year, as we seek to maximise value for shareholders,' executive chairman Ned Montarello said.


At 9:51am: [LON:TSL] Thinksmart Ltd share price was +0.75p at 13p



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