TouchStar shares surged 35% on Wednesday after posting trading updates for the year ended December 31, 2020.
Cash generation remains strong, with the group ending in 2020, with net cash position of £1.6 million and at the end of the year the bank had £1.9 million in cash. This is up from £850,000 in 2019.
Preliminary results for 2020 will be reported in late April 2021, with TouchStar saying it expects profitable results on both pre-tax and tax basis.
Chairman Ian Martin commented: “The year ended December 31, 2020, is a profitable, highly cash-generated, supported customer, and most importantly, the period of the global pandemic and the biggest economic downturn. I’m happy to take care of the staff and confirm what’s most important. In a generation.
“The enormous amount of trust should be sent to the management team to have the foresight to realize the meaning of Covid 19 for society and the economy early. A clear and consistent message to all employees, customers and shareholders throughout the crisis It was their timely actions that allowed them to provide, bringing some degree of calm in uncertain times.
“The careful approach that has served us very well is retained. Our focus remains on customer support, cash and employee happiness. We will be navigating our business until 2022. We are not only maintaining the roadmap goals we have implemented to, but we continue to surpass that,” he added.
TouchStar’s shares are trading +35% at 67,50 (1438GMT). This year, stocks have skyrocketed from 19,50 lows.
