RNS Results of AGM20 Dec 2024 08:29
final results for the year ended 30 june 2024,
trading update & notice of annual general meeting
revenues up with strong momentum carried into current financial year
tap global group plc (aqse: tap), the fintech company bridging the gap between
traditional finance and blockchain technology, announces its financial results
for the year ended 30 june 2024 ("fy24").
references herein to "tap group", the "group" or the "company" refer to tap
global group plc. references to "tap" or "tap global" refer to tap global
limited and/or tap technologies limited which are wholly owned operating
subsidiaries of tap global group plc.
fy24 highlights
· revenues up 31.2% to £2.65 million compared to group revenues in the prior
year
· revenues up 5.6% compared to tap global limited revenues in the prior year*
· strong gross profit margin of 58%
· accelerated growth and market expansion
· registered users up 130% to 368,844 at year-end (now over 380,000)
· 48 cryptocurrency assets available across 45 countries
· usa market entry through partnership with zero hash, positioning the
business for future growth in this significant cryptocurrency market
· implemented strategic cost optimisation initiatives while sustaining growth
· appointed founder ****n torosian as group ceo, steven borg as cfo, and (post
year-end) peter wall (former ceo of argo blockchain plc) as non-executive
chairman
*tap global limited was acquired by the group in january 2023
current year trading update july - november 2024
· average revenue in first five months of current financial year (july to
november 2024) up 24% compared to fy24 average, reflecting product improvements,
market sentiment, and fee calibration
· each month's revenue stronger than the prior month's revenue
· month 5 (november 2024) revenue up 77% compared to month 1 (july 2024)
peter wall, chairman of tap group, commented:
"tap group has expanded its geographical footprint to the united states,
increased the number of tokens our clients can trade, and maintained the
functionality of the tap app in areas such as fiat deposits and payments, pre
-paid mastercard provision, and best execution on crypto trading. critically,
these achievements have been delivered by an exceptionally lean and motivated
team.
the recovery of our share price has been welcomed by investors, and it is clear
there is significant interest in the tap group proposition. the continued rally
of crypto assets is driving increased trading volumes, and we are rapidly
developing additional revenue opportunities. the foundations laid are extremely
strong and my priority is focused on scaling effectively from this base."