(Alliance News) - Online Blockchain PLC on Tuesday reported a widened annual loss on increased administrative expenses.
In the twelve months to June 30, Online Blockchain recorded a pretax loss of GBP666,000 compared to GBP188,000 the year before.
The company's revenue was broadly flat at GBP50,000 versus GBP56,000 the year before.
Online Blockchain's total administrative expenses rose 58% to GBP493,000 from GBP312,000 the year before.
"The increase in our loss in the current financial year is the result of an increased management focus and continuing investment in the Crypto-currency and Blockchain space," the company explained.
The company also noted its performance relies on ADVFN PLC, having created the business and still holding an 18% stake.
"The performance of the company is closely linked to ADVFN. The company supplies management services and makes advertising recharges to ADVFN which forms the turnover of the company," Online Blockchain said.
ADVFN reported revenue in the financial year ended June 30 amounted to GBP8.7 million, down from GBP9.2 million the year before.
The firm swung to a pretax loss of GBP435,000 from a profit of GBP442,000 the year before, with total administrative expenses rising to GBP8.8 million from GBP8.4 million.
Registered users rose to 4.7 million versus 4.5 million the year before, and was above ADVFN's target of 4.6 million.
Online Blockchain Chief Executive Clement Chambers said: "The blockchain space has been through a turbulent period this year, but we have continued with our developments while we have seen Crypto-currencies fall to fractions of their all-time high prices and then recover to multiples of their post-crash values.
"We continue to invest and now have we believe a developing portfolio of infrastructure, projects and assets, that we feel will add significant shareholder value in due course. Shareholders should note that the company's own development of Blockchain products are still at an early stage but we look forward to reporting further progress over the coming year."
Shares in Online Blockchain closed 2.9% higher in London on Tuesday at 18.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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ADVFN (AFN)