LONDON (Alliance News) - Argo Blockchain PLC said Friday it made a "strong start" to the second half of its financial year after posting a loss for its first seven months as a company.
From December 5, the date of the company's incorporation, to June 30, the cryptocurrency mining services provider posted a pretax loss of GBP1.1 million, entirely due to administrative expenses, start-up costs, and investment in computer hardware and other corporate infrastructure.
Chairman Jonathan Bixby said: "These results cover the company's initial start-up phase and relate to the period before Argo's flotation which has provided a strong capital base to execute its growth strategy.
"We have made a strong start to the second half of the year and look forward with confidence to delivering on the company's long-term potential."
The company listed on the main market of the London Stock Exchange at the beginning of August, after launching as a cryptocurrency mining-as-a-service platform on June 11.
Since launching the platform, the company said it has had a user base of 408 monthly subscribers, with further 50,000 users registered on its waiting list.
On Thursday, the company had said it expanded its platform to support the "mass roll-out" of its cryptocurrency-mining-as-a-service offering later in September.
Argo said that the enlarged capacity will, for the first time, enable the mining of alternative currencies at scale.
Upon installation, the new hardware will boost the company's capacity to support 3,000 new subscribers, Argo said, representing a seven-fold increase on its current capacity.
Argo shares were trading down 2.1% at 10.28 pence each on Friday.
Argo Group (ARGO)