Social trading focused Retail FX brokerage firm NAGA Group AG has issued updated guidance for the rest of 2020, after posting an up and down first half of the year.

FNG had exclusively reported a couple weeks back that NAGA Group had seen a 27% decline in Revenue from Q1 to Q2 2020, although overall NAGA had completed an amazing turnaround from 2019 when the company posted a net loss of €13.4 million on Revenue of just €3.9 million for the full year.

After first half Revenue totaled €12.1 million, NAGA issued a statement that the Management Board anticipates Revenues of between €22 million and €24 million in the course of the 2020 financial year. That would mean the company expects that Revenues will actually decline slightly from the first half of the year, but more in line with what the company saw in Q2 after a blowout Q1, driven by March’s Covid-19 crisis breakout.

Management expects EBITDA for 2020 to come in between of €5.5 million and €6 million. Again, a marked improvement over a loss-making 2019.

NAGA Group CEO Benjamin Bilski commented:

“As mentioned in previous press releases, we are focusing strongly on further growth. Our goal is to quadruple sales in 2020 compared to 2019. We not only want to underline the turnaround, but also to show investors that NAGA offers an innovative product, one has a clear technological lead over the competition and therefore has strong growth potential. The planned growth is primarily linked to increased investments in Marketing & Sales. We have therefore collected fresh capital. This has a stronger impact on EBITDA in some quarters however, as was the case in Q2, it is essential to gain more market share and build momentum. With business and spending increasing,Despite all of this, we are aiming for an EBITDA margin of around 25% and are fully focusing on 2021 in order to grow even more.”

To help support its growth, NAGA Group recently raised about €5 million of additional capital. Chinese investor FOSUN owns a majority stake in NAGA.