Fintech PR
New Amsterdam Invest N.V. results first six months 2023
AMSTERDAM, Sept. 13, 2023 /PRNewswire/ — New Amsterdam Invest N.V. (the “Company”, or “New Amsterdam Invest”, or “NAI”), a commercial real estate company listed on Euronext Amsterdam, announces its non-audited results for the first six months ended 30 June 2023, today[1].
Highlights 2023 Half Year[2]
- Approval of business combination with Somerset Park B.V. and start of operations as an operating company in the commercial real estate sector
- Net Rental Income first half of 2023, effectively from 2 to 30 June 2023: €0.5 million (2022HY: €0.0)
- Result from real estate operations 2 to 30 June 2023: €0.1 million
- Net result first half of 2023: -€2.6 million mainly driven by one-off valuation differences (non-cash) and expenses to realize the business combination (2022HY: -€1.2 million)
- Earnings per share first half of 2023: -€0.50 (2022HY: -€0.24)
- Net increase in Cash position in first half of 2023: €5.8 million (2022HY: €0.1 million)
- Total Assets per 30 June 2023 €76.5 million (2022YE: 48.9 million)
- Solvency per 30 June 2023: 60.3% (2022YE: 99.5%)
Aren van Dam, CEO of New Amsterdam Invest commented: “It is with proud and confidence that we look back at the first six months of 2023 where we have laid a sound foundation for our Company and its business going forward. It was not easy to establish a business combination for commercial real estate in the past period. Nevertheless, we succeeded to start with an outstanding portfolio in the UK and US, expanding further already in the second month after the business combination clearly showing the strength of our proposition.
That being said, 2023 is a transitional year for New Amsterdam Invest. As a result of different regulatory requirement around the transition from SPAC to operational company we have to take significant non-cash one-off costs making 2023 overall loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing.”
Summary results for the first six months of 2023
The greater part of the first half of 2023 was devoted to management efforts to realize a business combination for the special purpose acquisition company (SPAC) New Amsterdam Invest. It turned out not to be easy to identify one or more operating companies in the real estate industry, which would meet most of the Company’s financial and quantitative parameters. On that basis, the Company decided to look for multiple operating companies that could be grouped together in a business combination meeting the required parameters and factors.
On 2 June 2023, the Company shareholders’ approved the incorporation of Somerset Park B.V. (“Somerset Park”) as a wholly-owned subsidiary of the Company with the intention to maintain a group of commercial investments under Somerset Park. Subsequently, the status of the Company as a SPAC ended (“de-SPAC”). Somerset Park, along with management and operating companies in relevant jurisdictions, form a group of international companies in the commercial real estate industry.
As a result, the Company operated for most of the first half year as a SPAC and only for the last four weeks in HY 2023 as an international operating company for commercial real estate. This implies that the results for the first half year are not characteristic for the Company’s regular operational results going forward. Showing a net income of €0.1 million the real estate operations over this period where profitable.
|
Build up result from real estate operations to result according to interim financial report [3] (* €1,000) |
2023HY |
||
|
Rental income |
544 |
||
|
Direct related costs |
(108) |
||
|
Net Rental income |
436 |
||
|
Operating expenses |
(308) |
||
|
Result from real estate operations (2 – 30 June) |
128 |
||
|
SPAC operational costs |
(310) |
||
|
De-SPAC one-off costs |
(2,849) |
||
|
Operating result |
(2,990) |
||
|
Financial income |
402 |
||
|
Result before tax |
(2,588) |
||
|
Taxation |
(9) |
||
|
Result for the period |
(2,597) |
The reported result for the first half year 2023 amounts to €2.6 million loss.
This result is mainly attributable to a number of mainly non-cash one-offs to realize the transition from SPAC to a group of operating companies in commercial real estate like €0.5 million on the required documentation (Circular) as well as a required revaluation under IFRS of investment property of €2.3 million. A positive contributor was €0.5 million in interest received on the Escrow account. The running costs prior to the Business Combination came at €0.3 million.
The results from group companies have been included and consolidated within The Company’s Accounts results for periods from 2 June 2023 to 30 June 2023.
Number of shares issued per 30 June 2023
In addition, the Company has issued a total of 4,910,250 Warrants (IPO and BC) that will automatically and mandatorily convert when the closing price of the Ordinary Shares on Euronext Amsterdam reaches the Share Price Hurdle being €11,50 per share, without any further action being required from the Warrant Holder. The Share Price Hurdle will be met when the share closing price for available shares on Euronext is at the target price for at least 15 out of 30 consecutive trading days. If the hurdle is reached the Warrants will be converted into Ordinary Shares corresponding with the Warrant Conversion Ratio of 0.15, or 6.67 Warrants per Ordinary Share.
Outlook
As a result of different regulatory requirement in connection with the transition from SPAC to operational company, one-off costs where required as a result of which 2023 overall is expected to be loss-making. Going forward we expect to be profitable and well on track in 2024 to realize the financial objectives we have set out at listing. More specific we expect to realize a 2024 net rental income of approximately €6.6 million and a result before tax of
€2.6 million[4].
Relevant events after 30 June 2023
As announced on 19 July, the Company purchased Forthstone, a unique commercial property located in Edinburgh, with a long-term lease agreement with its tenant. With this purchase, the Company will add a sixth property to its portfolio and in line with the Company’s business objectives and strategy for growth.
The owner of the property will be a newly incorporated operating company; Forthstone Land and Property Ltd, a 100% indirect subsidiary of New Amsterdam Invest N.V. The total consideration for Forthstone, including transaction costs, amounts to GBP 9.5 million and has been financed with a combination of equity (available in cash) and debt (LTV loan). The interest rate on the loan will be approximately 7%, or approximately GBP 308k per annum. The purchase is expected to complete by 29 September 2023.
Financial Calendar
- 13 September 2023, publication Half Year Results
- 8 April 2024 DV, Annual Report 2023
- 31 May 2024 DV, General Meeting of Shareholders
Financial statements New Amsterdam Invest first six months of 2023
For an overview of the interim financial statements of New Amsterdam Invest for the first six months of 2023 we refer to the attached Half Year Report 2023.
About New Amsterdam Invest
New Amsterdam Invest N.V. is a commercial real estate company listed at Euronext Amsterdam with operating companies in the United States and the United Kingdom.
The main objective of New Amsterdam Invest is running commercial activities including the owning, (re-)developing, acquiring, divesting, maintaining, letting out and/or otherwise operating commercial real estate, all in the broadest possible meaning.
The management board of New Amsterdam Invest N.V. consists of Aren van Dam (member and CEO), Moshe van Dam (member and COO), Elisha Evers (member and CSO) and Cor Verkade (member responsible for investor relations).
All information about New Amsterdam Invest, including its principles and objectives can be found in the Shareholder Circular dated April 21, 2023, and the prospectus dated June 21, 2021. This and all other relevant documentation can be found on the company website: www.newamsterdaminvest.com
Disclaimer
Elements of this press release contain or may contain information about New Amsterdam Invest N.V. within the meaning of Article 7(1) to (4) of the EU Market Abuse Regulation.
This press release may include statements, including NAI’s financial and operational medium-term objectives that are, or may be deemed to be, ”forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ”believes”, ”estimates”, ”plans”, ”projects”, ”anticipates”, ”expects”, ”intends”, ”may”, ”will” or ”should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect NAI’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to NAI’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as of the date they are made.
[1] This press release contains a summary of the 2023 Half Year results, for the full report see the attached Half year Report 2023
[2] Until 2 June 2023 the Company operated as a SPAC and only per that date acquired its operating companies. As a result, it is the first time the Company presents consolidated figures, and the current figures cover only a very limited period and no comparative figures on operational items can be included
[3] The table provides a distinction between ‘real estate related’ items and ‘SPAC related items’ for insight of underlying operational performance. The statements in the attached Half Year Report 2023 provide integral IFRS statements without this distinction
[4] Excluding potential impact of revaluation of investment property
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Fintech PR
Network People Services Technologies Applauded by Frost & Sullivan for Providing Cutting-edge Digital Payment Technology and for Its Market-leading Position
NPST’s innovative technology underscores its commitment to advancing digital payment adoption to meet diverse user needs, and its strategic adaptability establishes it as a pivotal player in India’s financial ecosystem.
SAN ANTONIO, Jan. 15, 2025 /PRNewswire/ — Frost & Sullivan recently researched the payment technology industry and, based on its findings, recognizes Network People Services Technologies Ltd. (NPST) with the 2024 Indian Company of the Year Award.
Its core mission is to provide cutting-edge digital technology to all entities in the financial value chain, ensuring robust support at every stage of the payment process. The company provides banking solutions and payment processing infrastructure that interconnect financial entities within the broader banking and fintech sectors.
Listed on the National Stock Exchange (NSE) SME platform, NPST has significantly shaped India’s digital payments landscape. Its solutions span digital banking, payment switching and processing, merchant acquiring, and RegTech offerings, catering to banks, payment aggregators, merchants, and TPAPs.
With a forward-looking vision encapsulated in its NPST 2.0 strategy—Innovate, Transform, and Grow—the company is driving technological advancements in areas like fraud detection, real-time lending, and embedded payments, enabling transactions through ERP and smart devices such as vehicles, smartwatches, and meters.
NPST is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance its payment solutions. NPST’s Risk Intelligence Decisioning Platform, a cutting-edge AI-driven operations engine, is supported by a comprehensive data lake that consolidates transaction data. This advanced system allows for the real-time identification of high-risk transactions and merchants. It includes tools designed to enhance compliance and mitigate fraud, such as a merchant trust score, a customer transaction score, and chargeback fraud prevention.
Additionally, the company’s flagship EVOK 3.0 Payments Platform as a Service provides a comprehensive solution for aggregators, gateway providers, and merchants. Covering the entire payment life cycle—from transaction processing to risk management—EVOK 3.0 integrates AI and ML to offer advanced capabilities like multi-bank intelligent routing and predictive fraud intelligence, ensuring efficient management of high transaction volumes.
Other groundbreaking innovations include:
- PayJoy: Seamless access to real-time UPI credit in a country with low credit card penetration.
- Bill Direct: Bill Aggregation engine for deeper penetration in payment collections.
- TimePay Cash: Enabling cash withdrawals using QR codes at local stores.
- UPI Circle: Expanded digital payment access through shared accounts.
- Contextual Payments: Enhanced customer checkout experience.
- UPI Lite Auto-Top Up: Automatically replenishing UPI Lite accounts, ensuring users have sufficient transaction funds.
Rahul Agarwal, Associate director for growth advisory at Frost & Sullivan, observed, “NPST’s achievements, including pioneering online merchant dispute resolution in India and expanding its platform to offer value-added services like AI-powered fraud detection and real-time lending, set it apart in the industry. Its diversification into non-banking financial companies and third-party application providers highlights a well-rounded growth strategy.
NPST consistently prioritizes customer experience, fostering long-term relationships and demonstrating its commitment to client satisfaction and growth. The company’s focus on exceptional service is reflected in the loyalty of some of its clients, with critical partnerships spanning over a decade.
The company is also working to improve payment acceptance infrastructure via access to affordable devices, (QR and SoundBoxes) while integrating AI and ML capabilities to enhance, efficiency, and scalability. These investments support growing transaction volumes and help NPST maintain its competitive edge in facilitating wider digital payment adoption. The company’s emphasis on client relationships, digital literacy, and social responsibility underscores its role as a payment technology leader and its commitment to broader economic and social contributions.
The company’s financial performance reflects strong growth, with revenues increasing from INR 41 crore in fiscal year (FY) 2023 to INR 130 crore in FY 2024, and EBITDA rising from INR 12 crore to INR 43 crore during the same period. NPST’s strategic adaptability establishes it as a pivotal player in India’s financial ecosystem, drives economic growth, and promotes financial inclusion across the country.
“NPST’s advances towards international expansion and transitions to the National Stock Exchange of India main board with emphasis on transparency, governance, and continual innovation, cementing its position as a leader in the global payment technology industry. The company’s exceptional performance, forward-thinking strategies, and commitment to customers and societal impact make it a deserving recipient in India’s payment technology sector,” added Norazah Bachok, best practices research analyst at Frost & Sullivan. With its strong overall performance, NPST earns Frost & Sullivan’s 2024 India Company of the Year Award in the payment technology industry.”
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact: Tarini Singh
E: [email protected]
About NPST
Founded in 2013, NPST is a PayTech firm listed on the NSE Small and Medium Exchange. A leader in digital banking and payment processing solutions, NPST is dedicated to advancing the digital payments ecosystem by delivering cutting-edge technology solutions to banks, fintechs, and other industry players. The company’s offerings include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and compliance technology.
NPST’s mission is to drive the growth of businesses, individuals, communities, and economies. With over 100 clients and processing more than 60 million transactions daily, NPST continues to make a significant impact on the digital payments ecosystem. To learn more about NPST and its award-winning solutions, please visit www.npstx.com
Contact: Vanita D’souza
E: [email protected]
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Welcome to Blocks & Headlines, your comprehensive daily briefing on the transformative world of blockchain. Today, we explore groundbreaking partnerships, economic innovations, and blockchain-powered initiatives redefining the future.
Sony Ventures Into Blockchain With New Identity Solutions
Sony has unveiled its latest blockchain-based digital identity solution designed to enhance privacy and security in the online space. This innovative system uses decentralized technology to manage digital credentials, making identity verification seamless and secure.
Sony’s venture reflects a broader trend among tech giants exploring blockchain’s potential to reshape data privacy and authentication systems.
Source: Sony Press Release
TRON’s Daily Revenue Skyrockets 119% in 2024
TRON has reported a staggering 119% increase in daily revenue, a testament to its innovative blockchain economic models. By leveraging smart contracts and a scalable infrastructure, TRON continues to attract developers and businesses seeking cost-efficient blockchain solutions.
This growth positions TRON as a leading player in the competitive blockchain ecosystem, setting benchmarks for others to follow.
Source: Bitcoin.com
MIGMIG Partners With XT.com to Bring Blockchain Rewards
MIGMIG, a blockchain gaming and rewards platform, has partnered with XT.com to expand its reach and user engagement. This collaboration aims to deliver unique blockchain-powered rewards while enhancing the gaming experience for users worldwide.
The partnership highlights the increasing intersection of blockchain technology and entertainment, opening new avenues for user interaction.
Source: Bitcoinist
Nano Labs Supports the Inaugural Presidential Crypto Ball
Nano Labs has announced a partnership with the Inaugural Presidential Crypto Ball, emphasizing its commitment to fostering blockchain awareness. This high-profile event aims to bridge the gap between blockchain innovators and policymakers, paving the way for broader adoption.
The initiative underscores the importance of collaboration between the blockchain community and governmental bodies to shape the future of digital assets.
Source: PR Newswire
Bybit Card Partners With EnTravel for Luxury Travel Perks
Bybit has teamed up with EnTravel to offer its cardholders exclusive discounts on luxury travel experiences. This partnership integrates blockchain-powered payment solutions with high-end travel services, providing users with unparalleled convenience and value.
The move exemplifies how blockchain technology can enhance traditional industries, offering innovative solutions tailored to modern consumer needs.
Source: PR Newswire
Key Insights and Industry Trends
- Decentralized Identity: Sony’s blockchain-based solution addresses growing concerns over online security and privacy.
- Economic Innovations: TRON’s revenue surge highlights the profitability of scalable blockchain networks.
- Gaming and Blockchain: Partnerships like MIGMIG and XT.com showcase the potential of blockchain in entertainment.
- Policy and Collaboration: Nano Labs’ involvement in the Crypto Ball underscores the importance of industry-government dialogue.
- Luxury Integration: Bybit and EnTravel demonstrate blockchain’s ability to enhance traditional services.
The post Blocks & Headlines: Today in Blockchain ( appeared first on News, Events, Advertising Options.
While Others Decline, the UNBrokerage is Again Named to Entrepreneur’s Prestigious Franchise 500(R) List For its Explosive Growth and Viability
LAGUNA NIGUEL, Calif., Jan. 14, 2025 /PRNewswire/ — Realty ONE Group, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchisors in the world, is the No. 1 real estate brand for the fourth year in a row on Entrepreneur’s highly-competitive 2025 Franchise 500® list, just as the global franchisor celebrates its 20th anniversary this year.
This is the ninth year that Realty ONE Group has made the list, continuing to climb the rankings every year, with its closest real estate competitor now nearly 20 positions behind.
“Claiming the No. ONE spot on this widely-esteemed list, for the fourth consecutive year, further fuels the momentum we’re bringing into 2025 and our 20th anniversary,” said Kuba Jewgieniew, CEO and Founder of Realty ONE Group. “And every year, as a result of testimonials like this and from our own raving fans around the world, real estate professionals and entrepreneurs come to us looking to share in the success and be a part of something special and UNique in this industry.”
Entrepreneur named Realty ONE Group International to the list for its network growth, financial strength, and brand power and said in a press release that… “The Franchise 500 is more than a list. It’s really a collection of life-changing opportunities, featuring strong and resilient brands that future franchisees will be proud to be a part of.”
The lifestyle brand continues to evolve all aspects of its full-service offerings, including its proprietary technology zONE, business coaching platforms, ONE University and all aspects of its 6C’s. The UNBrokerage as it is known in the industry has more than 20,000 real estate professionals in more than 450 offices in 49 states, Washington D.C., and 24 more countries, recently expanding into Bonaire and Curacao.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across 24 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
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