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Swedish fintech firm Cinnober swings to FY'17 loss from year-ago profit

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Swedish fintech firm Cinnober swings to FY'17 loss from year-ago profit

Stockholm-based Cinnober Financial Technology shares fell nearly 30% on Feb. 22 as it reported a consolidated full-year 2017 net loss attributable to the parent company's shareholders of 97.6 million Swedish kronor, compared to a profit of 4.4 million kronor earned in 2016.

Loss per share for the year amounted to 4.46 kronor, compared to earnings per share of 21 øre in 2016.

Earnings before interest, taxes, depreciation and amortization was negative 90.7 million kronor in 2017, compared to 11.8 million kronor a year earlier. Growth initiatives, expenses from unit Minium's operations and the acquisition of U.K.-based Ancoa Software's assets in May 2017 impacted EBITDA, Cinnober noted.

For the fourth quarter of 2017, the company reported a loss of 44.2 million kronor, compared to a profit of 5.9 million kronor a year earlier. Return on equity for the period was negative 76.5%, compared to 5.1% in the fourth quarter of 2016.

Cinnober said it will propose that no dividend be paid for the 2017 financial year. The company also did not pay dividend in respect of 2016 earnings.

As of Feb. 22, US$1 was equivalent to 8.13 Swedish kronor.