Finseta (AIM:FIN), the AIM-listed foreign exchange and payments company, announced it expects to report revenue of approximately £5.4m for the six months to 30 June, down from £5.9m a year earlier.
Active customers rose to 1,389 from 1,101, but average revenue per customer fell as macroeconomic headwinds lengthened sales cycles across the Group's key markets.
Dubai revenue is expected to rise 243% year-on-year, though the contribution fell short of expectations as the ongoing Middle East conflict curtailed activity there.
Corporate accounts made up 74% of revenue, up from 58% in H1 2025, pushing gross margin to approximately 66% from 63%.
The group expects an adjusted EBITDA loss of around £1m, reversing a £0.3m profit a year earlier, reflecting lower revenue and planned investment in strategic initiatives.
Cash stood at £2.1m at 30 June, up from £1.5m at the end of December, with net debt of £0.4m against £0.3m previously.
The board now takes "a more cautious view of the full year", after a banking partner withdrew a currency corridor over the past two months, blocking service to customers needing that route.
Finseta expects FY2026 revenue of approximately £11m, with second-half revenue broadly flat against the first half.
An alternative currency corridor provider has been identified and is expected to come on stream in the fourth quarter.
Interim results are due on 16 September.
News Intelligence what this means for the company
Finseta has cut full-year revenue guidance to £11m after Middle East conflict and the loss of a banking currency corridor curtailed trading activity. H1 revenue fell to £5.4m from £5.9m year-on-year despite customer count growth, signalling deteriorating unit economics; adjusted EBITDA swung to a £1m loss from a £0.3m profit. The board now expects second-half revenue to be flat against H1, and while an alternative corridor provider is identified for Q4 arrival, the near-term outlook remains constrained by macroeconomic headwinds and geopolitical disruption.
The guidance cut and EBITDA reversal materially weaken near-term momentum. Cash of £2.1m provides limited runway against operating losses, and the dependency on a single replacement banking corridor—arriving only in Q4—leaves execution risk unresolved until then.
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