R8 Capital swings to interim profit in 2024 as costs fall, loan repaid

(Alliance News) - R8 Capital Investments PLC on Friday reported a swing to pretax profit in the first half of 2024, despite a fall in revenue, as it wound down operations and discharged an outstanding loan.

The London-based fintech with a bitcoin banking app said pretax profit for the six months to June 30, 2024, was GBP587,000, compared to a GBP839,000 loss a year earlier.

Revenue dropped to GBP60,000 from GBP186,000, reflecting reduced activity following the company's decision to cease operations in January 2023.

Administrative expenses fell sharply to GBP527,000 from GBP869,000, partly due to the voluntary liquidation of Mode Global Ltd and the settlement of a company voluntary arrangement.

Cash balances at June 30 were GBP369,000, down from GBP547,000 a year earlier.

R8 also said an outstanding GBP1.9 million loan had now been "entirely discharged".

The company is continuing to work with the Financial Conduct Authority to return digital assets and deposits to customers of its now-closed subsidiaries. Discussions to acquire Redwood Financial Partners were terminated earlier in 2025.

Shares in R8 Capital were last quoted at 1.45 pence in London.

By Eva Castanedo, Alliance News reporter

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