FY2023 Loss Reduction Paves the Way for Strong Performance in FY2024
Fatfish Group Ltd (“FFG” or the “Company”) is pleased to provide its unaudited financial results for the 12 months ended 31 December 2023.
Throughout the year, FFG demonstrated remarkable resilience and strategic adaptability in the face of challenging global macroeconomic headwinds. Despite the turbulence in the economic landscape, FFG remained steadfast in its commitment to navigating uncertainties with agility and foresight. Through strategic decision-making and a focus on innovation, FFG was able to seize opportunities amidst adversity, positioning itself for sustained growth and success in the future.
The Company recorded a decline in revenue of 36% from approximately $1.8 million in FY2022 to $1.2 million, mainly due to lower expenditures on marketing and promotions.
Nevertheless, the Company had significantly narrowed its losses by 83% to a net loss after tax of A$2.9 million compared to A$17.3 million in the prior year. The Company made substantial strides in cost optimization across its entire fintech operations with various cost cutting measures such as automation of many of its business processes which were implemented during the year. These concerted initiatives have enabled an efficient and agile cost structure, ultimately positioning FFG to inch closer to profitability.
