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Argo Blockchain re-affirms break-even target

The company published its maiden set of financial results as a listed company
Argo Blockchain re-affirms break-even target
Argo has been hit by the downturn of the crypto market

Argo Blockchain PLC (LON:ARB) has reaffirmed its target of achieving break-even at the EBITDA level in the second half of this year as it published its maiden results as a listed company.

It has now stopped accepting new subscriptions and is ending all mining-as-a-service contracts and will now mine crypto-currencies for itself following a downturn in the market. It is also cutting costs.

READ: Argo Blockchain to refocus and cut costs in the face of difficult market conditions

The results covered the period from incorporation on December 7, 2017 to December 31 last year.

The statement showed the company made a loss of £4.1mln and had cash of £15mln at the end of last month. Revenue from mining services for the period “from mid-2018” was £760,000.

Argo has made an £843,000 provision in its accounts related to “placing monies due” from investment bank Mirabaud as part of its listing last August. The business was reported to have raised an estimated £25mln from the float.

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