We are pleased to report our financial results for the year ended 30 June 2021. We generated revenues of £3.8m, achieving more than 30% growth compared to the prior year. The profit before tax increased to £304k from £256k. The lower increase in profits compared to revenue was mainly due to higher spend on IT, staff and projects. We now operate from three locations: the UK and Denmark offices, which offer regulated services and Uzbekistan office, which takes care of our IT needs. This resulted in the Safenetpay team expanding to more than 60 people, and I am pleased to note that this number keeps growing.
Our financial year coincided with the worldwide Covid-19 pandemic, although by the time our year started, the initial shocks of the first lockdown started to slowly recede. The pandemic significantly changed the way companies and people work and go about their business. The companies that adapted to these challenging circumstances and whose business model allowed remote working were able to react better and recovered quicker. The hardest hit industries were customer facing businesses, whereas online businesses received a big boost. The UK Government provided timely financial assistance and aid to help out businesses affected the most by the pandemic, which helped to keep many businesses afloat. Our customer base also changed, and whilst we lost some of our customers due to the impact of the pandemic, majority of our customers adapted well and came out stronger. Along the way, we targeted and acquired new customers whose activities were less likely to be impacted by the pandemic and lockdowns.
Our outlook for the future is positive. The fintech industry is expanding rapidly, and there are a lot of opportunities that companies like ours can tap into. We are investing heavily into our technology and people, and we look forward to offering more competitive and customer focused products very soon.
You can find our audited accounts here.