Business software company Touchcorp Ltd
(ASX:TCH) has released announcements about what its “likely results” will be for the year ending 31 December 2016.
The company says its revenue will be between $36 million and $38 million (depending on the outcome of some transactions). This is lower than the $42 million revenue that the company earned in the year ending 31 December 2015.
On the other hand, Touchcorp’s profit before tax is expected to be around $14 million to 16 million – which is an improvement over its $8 million before tax profit in the prior year.
Touchcorp also reported that its 27% shareholding in payment technology company, Afterpay, sharply increased in value over the year – from $10 million to $132 million (based on Afterpay’s share price yesterday).
The company is also still looking to hire a new CEO, after the death of its last CEO Adrian Cleeve in early November. Touchcorp hopes to appoint a new CEO in the first quarter of next year.
Touchcorp reported a net profit of $9.9 million at 30 June 2016.
