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0.365 0.015 (4.29%)

Bid:

0.35

Ask:

0.38

Spread: 0.03 (8.571%)

Market Cap: £5.87m

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IN BRIEF: Quantum Blockchain interim loss widens as expenses jump

Thu, 23rd Sep 2021 07:03

Quantum Blockchain Technologies PLC - London-based cryptocurrency researcher and investor - Reports widened pretax loss of EUR1.1 million in the six months ended June 30, from EUR363,000 loss last year. Revenue drops to EUR6,000 in the six months ended June 30, from EUR32,000 the year prior. Administrative expenses more than double year-on-year to EUR720,000 from EUR260,000. Raises GBP1.7million through two equity placings during the first half.

Receives shareholder approval to begin new blockchain and cryptocurrencies strategy. Begins work on D-Wave Systems quantum cloud service, and achieves its first speed improvement in mining Bitcoin. Remains committed to realising legacy assets and reducing its debt in the second half and beyond. Notes ongoing legal proceedings in Italy for legacy assets Sipiem SpA and Sosushi Srl. Says the Court of Venice has scheduled a new hearing for Sipiem on November 10.

"The board maintains a positive outlook with regards to the companyâ€™s new investment strategy focused on Quantum Computing, Blockchain and Cryptocurrency in combination with its existing technology investments and remaining legal claims which, the company believes, are drawing towards a positive conclusion," the company says.

Current stock price: 1.21 pence at close on Wednesday

Year-to-date change: up sharply from 0.27p

By Scarlett Butler; scarlettbutler@alliancenews.com