(Alliance News) - Tap Global Group PLC on Thursday said it was in "robust health" as annual revenue jumps on stronger trading, but sees its loss widen on higher costs.
Tap Global is a London-based firm which offers a regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing banking and crypto settlement services.
The company said revenue surged to GBP2.0 million in the financial year ended June 30 from GBP50,000 the year before, citing a "sustained return of cryptocurrency trading volumes." Revenue in the five months to November was GBP1.0 million.
Pretax loss widened, however, to GBP1.1 million from GBP321,792 a year prior. This was driven by fair value adjustments of GBP300,795, as well as sales expenses of 494,488.
Looking ahead, Chair David Hunter said: "There is more to do to ensure Tap Group emerges as a force out of the current industry-wide maelstrom; but the foundations for huge scaling have been firmly laid and Tap Group is poised to become a truly global player in the fintech arena."
Shares in Tap Global were untraded at 2.05 pence each in London on Thursday morning on Aquis.
By Sabrina Penty, Alliance News reporter
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