RS2 Software plc – Approval of Financial Statements

RS2 Software plc approved the financial statements for the financial year ended December 31, 2020. These financial statements shall be submitted for the approval of the shareholders at the forthcoming Annual General Meeting which is scheduled to be held on June 24, 2021.

Statement of profit or loss

Revenue

20192020
€22.1 million€26.8 million

Profit/loss before tax

20192020
-€2.1 million-€3.9 million

Results from operating activities

20192020
-€2 million-€3.5 million

Earnings per share

20192020
-€0.008-€0.02

Statement of financial position

Total assets

20192020
€31.8 million€38.1 million

Total liabilities 

20192020
€17.8 million€31 million

Dividends

In view of the Company’s investment and strategic growth, the board resolved that it was not recommending a distribution of dividend to utilise funds to expand the business of the Company.

Outlook

The Group will continue building on the success of its executed strategy to expand its outsourcing business through its subsidiary RS2 Smart Processing Limited by offering more services and expanding together with its existing customers enabling them to enter into new markets consolidating their global business while starting to offer direct services to the merchant mainly in Europe and follow them into international market utilising the global capability of the platform for Issuing and Acquiring.

To further enable the rapid expansion and growth, the Group continues to nurture its hub of internationally renowned C-Level Executives and industry specialists. Its vast network with banks and partners around the globe will aid the implementation of the Group’s third business model and will facilitate the roll-out in Europe. The aim is to eventually leverage the Group’s network to offer a truly
global Issuing and Acquiring services and products to its customers allowing them to control their business and accessing their data in real-time to mitigate their risk, anticipate their revenue and expenses, and manage their cashflow.

The Group will continue focusing on the regional expansion and provide the respective products and services in the different markets. The Group is committed to investing further in North America to enable the US subsidiary to continue with its successful market entry and delivering services to PayFacs, ISVs, and ISOs while continuing to attract large enterprises to process their local and international businesses.

RS2 will invest in its products and services, management, and staff to meet the great demand it has in the US and offer its customers a one-stop-shop for their local businesses and accompany them to expand
their businesses globally.

To stay ahead of the competition the Group will continue to invest in its platform digitalising the entire customer’s journey enabling consumers and businesses in one single ecosystem to improve their shopping experience increasing their visibility and loyalties.

While the challenges and uncertainties of COVID-19 remain, the board is confident that the RS2 Group has the right strategy to overcome these challenges.

Click here to download the full financial statement.