(Alliance News) - Mode Global Holdings PLC on Monday saw its administrative expenses increase as it plans on expanding its products and services.
Mode is UK-based financial technology firm and its business includes a digital banking app as well as Bitcoin Jar, an interest-generating account for Bitcoin. Other business areas includes business payments, and business marketing services.
For the half ended June 30, the company posted a pretax loss of GBP1.9 million, widening from a GBP1.2 million loss a year prior.
The widened loss was attributable to administrative expenses which widened to GBP1.4 million from GBP886,000 million a year before. This increase was from technology and marketing spending as well as some key additional hires as the company expanded its products.
Revenue increased to GBP29,000 from GBP3,000 year on year. Revenue increased in line with the business plan as the offering of JGOO Ltd marketing services saw increased demand as well as an increase in trading revenues from Bitcoin during the Covid-19 period.
Mode Global Holdings wholly owns Mode Global Ltd, which in turn owns 55% of JGOO. JGOO is payment processing, marketing and advertising company.
Going forward, Mode Global Holdings is seeking to expand its current products and services through the launch of a payments solution; developing a loyalty and rewards engine that builds on banking, financial and payment-related insights; integrating new payment and loyalty capabilities into the company's app; and expanding the company's client base.
Mode Global Holdings said it has sufficient resources to continue in operation for the foreseeable future.
Mode Global Holdings shares were admitted to trading in London last week and was down 1.0% at 48.00 pence on Monday.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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R8 Capital Inv (MODE)