TechFinancials, Inc. announced consolidated earnings results for the year ended December 31, 2016. For the year, revenue was USD 21,325,000 against USD 13,575,000 a year ago. Operating profit was USD 5,037,000 against loss of USD 145,000 a year ago. Profit before taxation was USD 4,051,000 against loss before taxation of USD 376,000 a year ago. Profit attributable to owners of the company was USD 1,179,000 or 1.70 cents per diluted share against loss of USD 476,000 or 0.73 cents per basic and diluted share a year ago. Net cash generated from operating activities was USD 5,924,000 against USD 78,000 a year ago. Acquisition of property, plant and equipment was USD 146,000 against USD 344,000 a year ago. Development of intangible assets was USD 334,000 against USD 833,000 a year ago. Adjusted EBITDA was USD 0.6 million against USD 2.3 million a year ago. EBITDA attributed to shareholders was USD 2.8 million against USD 0.6 million a year ago.

For the first quarter of 2017, the performance during the first quarter of 2017 is in line with management expectations. However, 2017 will be challenging due to the loss of the Group's customer and the uncertain and tightening regulatory environment particularly in Europe, which has already caused some of the company's licensees to halt their operations.