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Company: The Naga Group AG Date: 2017-10-18 Language: English Register to download
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 News Details

Corporate | 18 October 2017 16:25

#   

The NAGA Group AG:

DGAP-News: The NAGA Group AG / Key word(s): Half Year Results  

  

18.10.2017 / 16:25  

The issuer is solely responsible for the content of this announcement.  

  

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**CORPORATE NEWS  

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The NAGA GROUP AG (NAGA) shows significant revenue growth in the first half year**

**–** Revenues increase by 90% in half-year comparison; operating result improved despite higher development activity

– Trading volume of broker, Naga Markets Ltd., grows significantly

– Blockchain technology is the future-oriented platform for the entire NAGA ecosystem

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Hamburg, 18th October 2017

THE NAGA GROUP AG (WKN A161NR, ISIN: DE000A161NR7, abbreviation: N4G) recorded lively business results in the first half year of 2017 and has carried out further significant steps in its growth and development. From when NAGA began operating at the end of 2015, and with the development of SwipeStox marketable software applications in mid-2016, revenues have significantly increased over this entire time period.

NAGA generated revenue of EUR 1.97 million for the period from 1 July to 31 December 2016, while revenue in the current reporting period (1 January 2017 to 30 June 2017) almost doubled, amounting to EUR 3.74 million (+ 90%).

Given the fact that the average daily trading volume of SwipeStox and NAGA’s broker NAGA Markets has continuously risen to around EUR 168,000 within the past 12 months, and the company is expanding its operating business through new products and projects, the Management Board fully expects the current positive revenue development to continue.

Many positive developments and partnerships, which had already been launched in the first half of the year, contributed to a higher level of user activity already in the second half of the year. The new “Auto-Copy” feature and the improved Robo-Advisor, CYBO, made a significant contribution to SwipeStox’ increased user activity. In the future, NAGA will focus particularly on crypto-currencies, e.g. Bitcoin or Ethereum. As a result of platform developments in the first half of 2017, users of the SwipeStox platform have already been able to invest in crypto-currencies since July, in addition to shares, CFDs or official currencies, and to trade them in any currency.

One of the most significant recent projects is the NAGA Wallet, which is set to offer a technologically high-quality alternative to current crypto-wallets. Wallets allow a smooth conversion into any currency as well as crypto-currency within a wallet. NAGA Wallet, in conjunction with Blockchain platform technology, will be at the core of a number of technological developments planned for other products of the company.

In addition to this, the development of Switex, a digital trading platform for virtual goods, was clearly advanced in the last reporting period. It is hoped that a strong partner from the Asian region will soon be acquired, and this is set to be announced in the current year. The product launch of Switex, a joint venture between NAGA and Deutsche Börse, is planned for the current financial year 2017.

Despite extensive developments in all product areas, increased personnel costs and marketing expenses, as well as the successfully realized IPO, NAGA has succeeded in significantly improving this period’s operating results.

“We see NAGA excellently positioned for the future. Of course, we are a young company that gives shareholders the opportunity to participate in a growth story,” says co-founder Yasin Qureshi. “With the effective mix of years of experience in the areas of finance, technology and gaming, as well as the high quality of our technological implementations, we see NAGA as a leading force in the world’s increasingly digitized future.”

“We are particularly pleased with how our technological advancements determine the course for maximum platform scalability. We are also working hard to fully integrate blockchain-based tokens of all types into our platforms. SwipeStox has greatly enhanced its product offering, while Switex is making excellent progress before its initial limited release to game publishers and test users,” adds Benjamin Bilski, Executive Director.

The half-year report by NAGA can be viewed in detail at [www.thenagagroup.com/investor-relations](http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5409c4e18b81028edad4954edb040b3f&application_id=620271&site_id=news_data&application_name=news)

  

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**Company Details:**  

The THE NAGA GROUP was founded in August 2015 by Yasin Sebastian Qureshi, Benjamin Bilski and Christoph Brück. The company’s goal is to drive the development, marketing and growth of disruptive applications for financial technology, and to actively participate in the change and the opening up of the existing financial system. The word “NAGA” is Sanskrit and means “Cobra snake”. It is also the name of one of the world’s hottest chilli varieties.

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**Contact:**  

The NAGA Group AG  

Alexander Braune  

Herrengraben 31  

D-20459 Hamburg  

E: [press@thenagagroup.com](mailto:press@thenagagroup.com)

UBJ. GmbH  

Ingo Janssen  

Haus der Wirtschaft  

Kapstadtring 10  

D-22297 Hamburg  

T. +49 (0) 40 6378 5410  

E-Mail: E: [ir@ubj.de](mailto:ir@ubj.de)

  

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18.10.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.  

The issuer is solely responsible for the content of this announcement.  

  

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.dgap.de  

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|     |     |
| --- | --- |
| Language: | English |
| Company: | The NAGA Group AG |
|     | Herrengraben 31 |
|     | 20459 Hamburg |
|     | Germany |
| E-mail: | info@thenagagroup.com |
| Internet: | www.thenagagroup.com |
| ISIN: | DE000A161NR7 |
| WKN: | A161NR |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Open Market (Scale) in Frankfurt |

  

|     |     |
| --- | --- |
|     |     |
| End of News | DGAP News Service |

![show this](https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=620271&application_name=news&site_id=news_data)