Argo Blockchain PLC - London-based cryptocurrency miner - Reports its first annual profit as demand for cryptocurrencies continued to soar. Argo generates pretax profit of GBP1.4 million in 2020, swung from a pretax loss of GBP869,051 in 2019. Revenue saw a similar ascent, more than doubling to GBP19.0 million from GBP8.6 million the prior year.
Looking ahead, Argo says it is "well placed to benefit from robust trading conditions amid buoyant demand for cryptocurrency", noting that the first quarter saw stable mining difficulty.
Chief Executive Peter Wall commented: "Argo crossed a major inflexion point in 2020 in its history by achieving full-year profitability on a 120% increase in revenue, our second consecutive year of triple-digit top-line growth. With a proven management team, world-class mining infrastructure, and strong tailwinds from the industry's recent growth, the board looks forward to the future with great confidence."
Argo current stock price: 190.00 pence, up 1.5% on Thursday
Year-to-date change: up 33.00p on December 31
By Will Paige; willpaige@alliancenews.com
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Argo Blockchai. (ARB)