Calamatta Cuschieri Moneybase plc, formerly known as CC Finance Group, has reported its highest-ever revenue in its 52-year history, at €14.6m, representing a 16.5% increase over the previous year. Profit before tax reached €2.5m, while assets under management and administration of the Group increased by 19% to €2.5 billion, the company revealed in its Annual Report and Financial Statements for the year ending 2023.
While the company reported a positive performance across the wide array of services on offer, a principal source of growth was attributed to the success and ever-increasing usage of the company’s digital platform, Moneybase, which has attracted a diverse customer base, from smaller investors to high-net-worth individuals and large corporates using the platform for treasury management.
Moneybase recorded satisfactory net flows for the period reaching €43m, with total client assets climbing to €394m.
During 2023, the group also launched Moneybase Business, allowing local businesses of all sizes to set up accounts easily and within a short timeframe to easily process payments, instantly access their statements and use financial products for liquidity management.
The group’s net assets also grew by 6% to reach €12m, with a healthy cash flow from operations of €1.3m. These positive results were registered despite a highly volatile macro‑economic environment, brought about by geopolitical factors, high inflation and high interest rates, which affected investor sentiment throughout the whole of 2023.
Introducing the report, Charles Borg, chairman of the group, highlighted the diversification carried out by the group in the financial services sector, reducing its risk profile.
A principal source of growth was attributed to the success and ever-increasing usage of the company’s digital platform, Moneybase
“We have established strong foundations on which we can grow further in the coming years. This will not only help us to continue to compete effectively in the local market but also to seek opportunities in other European markets,” he said.
Launching the Annual Report for 2023, co-CEOs Alan Cuschieri and Nick Calamatta noted how the year in review reflected the coming to fruition of a five-year investment plan set out in 2019. Over this period, the group’s revenue grew by just under 60%.
“This record financial performance can be mainly attributed to the implementation of the strategic initiatives announced in 2022, as well as an improvement in the global markets that have presented our clients with new opportunities in equity markets and fixed income securities with attractive interest rates,” Calamatta explained.
The year in review also witnessed the completion of large parts of a restructuring of the group which started in 2022. The final phase, relating to the transfer of the intellectual property-owning company Moneybase Holding Limited into the group, was completed earlier this year.
The company remained very active in the field of capital markets, maintaining its leading market share for local issuances during the year, completing 13 projects including one IPO, one rights issue, three unlisted offers to the public, and seven main market corporate bonds.
Among these, the company supported the bond issue of ClearFlowPlus plc, a subsidiary of the Water Services Corporation, being the first green bond in Malta.
Looking ahead, the company said that following a successful 2023, the first months of 2024 have produced positive indicators, with revenue increases already exceeding the same period of the previous year by double-digit levels.
“Our teams are focused on enhancing our digital platform, on improving the client experience across all distribution channels and ensuring that our client reach continues to grow. We continue to invest in the future of our business, not only technologically and through the strictest controls of clients’ assets, funds, and processes, but also by investing substantially in our online security and anti-fraud systems,” Cuschieri concluded.
The full financial report may be found through the following link.