NAGA Posts Solid Revenue in H1 2022, Plans to Re-Enter into the UK Market

NAGA Group, an innovative fintech company that has developed a socially enhanced financial system, has releases its interim results for six months ended 30 June 2022, showing solid growth across many metrics.

More specifically, the broker reported consolidated revenues of EUR 35.0 million for the period, compared EUR 23.2 million in the corresponding period in 2021. The company revealed a total output of EUR 38.9 million, increased from the previous year's EUR 24.5 million.

During the period, NAGA generated EUR 35 million gross income, up from EUR 21.5 million generated in the time span a year before. NAGA also reported an EBITDA of EUR 2.7million, compared to a negative figure of 0.2 million in the previous year.

"Fear of a rapid recession, driven by inflation and geopolitical conflict, dominated the investor world. The cost per new client skyrocketed and trading activity hit new lows, especially in April as well as May," the company said." Nonetheless, NAGA has managed to finish the first six months stronger than ever on the revenue side, although growth has not proved efficient in these market conditions."

By year-end 2021, NAGA had exited the UK - NAGA's best market to date and also the largest CFD market in the world. In 2023, the company plans re-enter into the UK market and reactivate their existing customer base by Q2 2023.