Final months of 2023 ‘catapulted’ Calamatta Cuschieri Moneybase to record figures – Co-CEOs

Calamatta Cuschieri Moneybase plc Co-CEOs Nicholas Calamatta and Alan Cuschieri have stated that despite the uncertainty in 2023, the final two months of the year drove the group to reach impressive figures.

Calamatta Cuschieri Moneybase, previously CC Finance Group plc, holds various investments through subsidiary companies, operating in investment services, capital markets, online trading, wealth and fund management, as well as fund administration. In 2022, the group launched Moneybase, a mobile payment app that was dubbed Malta’s first neobank.

Mr Calamatta and Mr Cuschieri’s comments formed part of the group’s Annual Report and audited consolidated financial statements for the financial year ended 31st December 2023, published on Tuesday.

In the report, the company announced record revenues, amounting to €14.6 million. This represents a sharp increase from the €12.6 million revenue registered in 2022. The primary source of the increase in revenue were trading commissions, with this going up by 13 per cent to €7.6 million. As a result, the group posted a pre-tax profit of €2.5 million during 2023, a 158 per cent increase from the figure in 2022 (€971,000). Total assets as at the end of the year totalled €45.5 million, a growth of 45.3 per cent from the previous year (2022: €31.3 million).

The Co-CEOs remarked that 2023 was the group’s “most successful year in its 52-year history.”

“From a financial point of view, we have managed to surpass all financial measures set out in the beginning of the year,” they affirmed, doing so despite a backdrop of a mixed trading environment, filled with geopolitical tensions and a high interest rate market.

“Despite 2023 being a year of uncertainty on the most part, the market rally experienced in the last two months of the year catapulted markets to impressive end-of-year headline figures,” they said.

Over the course of the past few months, Calamatta Cuschieri Moneybase has undergone a restructuring process that has seen the acquisition of all the shareholding in its subsidiary Moneybase Holding Limited. The group clarified that the results in the Annual Report include adjusted consolidated key performance indicators (KPIs) that reflect the effect of the restructuring.

Mr Calamatta and Mr Cuschieri affirmed that Calamatta Cuschieri Moneybase aims to continue refining its structure to “ensure maximum efficiency and minimal complexity.”

The pair remarked that Calamatta Cuschieri Moneybase will continue to consolidate its core businesses and has also set “ambitious targets” for 2024. They shared that the group has had a positive start to 2024, with the first quarter seeing it build on the momentum of product developments and be ahead of its internal budget.

“Our teams are focused on enhancing our digital platform, improving the client experience of both distribution channels and ensuring that our client reach continues to grow,” they said.

They concluded by expressing gratitude towards the group’s stakeholders, including clients, employees, and partners, for their trust and business. “We are confident that we can build on these financial results and continue to improve margins in the next phase of our development,” the pair stated.