LONDON (Alliance News) - Online Blockchain PLC on Wednesday reported a significantly wider interim loss as costs surged in an "awful" 12 months for cryptocurrencies.
For the six months to the end of 2018, the company posted a pretax loss of GBP276,000 compared to a GBP7,000 loss in the comparative period a year ago.
Revenue reduced to GBP26,000 from GBP32,000, while administrative expenses increased to GBP257,000 from GBP24,000.
"We have been working hard on our new blockchain products and are pleased to say they will shortly be in test and generating revenue. It is of course hard to predict new products' success but we are very excited at their potential and we believe they will generate material revenue before the year end," Chief Executive Clement Chambers said.
Chambers added: "Cryptocurrencies and tokens have had an awful last 12 months and many companies have gone to the wall or cut dramatically back, because their business models relied on the value of coins rather than their use.
"Our developments are all based on use rather than the values of coins and this, we believe, is the key to producing Blockchain products with longevity."
The company said its second half "should be extremely exciting" as it shifts into a product marketing phase.
Online Blockchain shares were untraded on Wednesday morning, last quoted at 20.15 pence each.