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Digital payments group ThinkSmart swung to a first-half profit after a gain in the value of an investment holding offset a fall in revenue.
Pre-tax profit for the six months through December amounted to £16.0, compared to a loss of £0.45m on-year.
The profit included a £16.4m non-cash fair value gain on the company's retained shareholding in ClearPay Finance.
Revenue fell to £3.3m, back from £4.6m.
ThinkSmart declared a special dividend and capital return of A$6.0m, or 5.6c per share, reflecting the sale of its remaining holding in Afterpay Touch.
'ThinkSmart's successful sale of 90% of its Clearpay subsidiary to Afterpay in 2018 continues to generate considerable value for shareholders,' chief executive Ned Montarello said.
'The operating performance of the Clearpay business since its launch in the UK in May 2019 on the Afterpay platform has been highly impressive.'
'This momentum has a direct read through to the value of our Clearpay holding and we see significant future valuation upside potential.'
'Within our wider core leasing business, we continue to review our diversification strategy and work to maximise our relationship with Dixons Carphone as we look to improve volume performance.'
'The business continues to generate positive cashflow while rightsizing its operations to current volumes.'
'ThinkSmart's legal claim against Carphone Warehouse for breaches of contract with regard to the Upgrade Everytime and Flexible Leasing products is ongoing.'
At 9:47am: (LON:TSL) Thinksmart Ltd share price was +0.2p at 17.7p