Online Blockchain Swings To Interim Loss On Higher Interest Costs

LONDON (Alliance News) - Online Blockchain PLC, formerly On-Line PLC, on Friday swung to a pretax loss for the first half due to higher interest payments and a drop in turnover.

For the six months to December end, the blockchain technology company recorded a pretax loss of GBP7,000, compared with pretax profit of GBP12,000 in the year ago period, on a turnover of GBP32,000 and GBP44,000, respectively. Interest expenses rose to GBP15,000 from GBP1,000.

"We are excited about the potential opportunities for Blockchain technology. Shareholders should note that the company's own development of additional Blockchain products are still at an early stage but we look forward to reporting further progress this year," the company said.

Shares in Online Blockchain closed at 70.00 pence, up 24%.