Consilium Group Limited (LON:COIN) has hailed the recovery and “rapid maturation” of the cryptocurrency and blockchain industry as the firm looked to expand its advisory services arm.
In an outlook statement alongside its interim results, the blockchain investment and advisory group said the growth in the industry bodes well for its current and proposed ventures and that it would now look to develop a “sustainable and scalable” advisory service from its new base in crypto-friendly Gibraltar.
The expansion of advisory services will allow the group to generate “reliable recurring revenues” to complement its ongoing token sale advisory services and investment activities, it said.
For the six months ended 30 June, Coinsilium reported a profit from continuing operations of £237,787, down from £554,605 in the prior year, while revenues fell to £108,967 from £1.3mln as a result of fees generated from token advisory services.
“Despite less than favourable market conditions for the first half of this period, it was pleasing to see that by the close, a sector-wide recovery was well underway, with the industry also regaining much of its previous momentum”, said Coinsilium’s chairman, Malcolm Palle.
“Across the company's investing, venture building and advisory services divisions, we look forward to the future with confidence”, he added.
In early afternoon trading on Friday, Coinsilium's shares were trading on the NEX exchange at around 3.2p.
--Adds share price--