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AQRU PLC - London-based incubator for decentralised finance businesses - Posts a maiden annual pretax profit for the year ended October 31. The profit of £311,707 was thanks to its ‘online platform for cryptocurrency investors looking to generate high yields’, Chief Executive Officer Philip Blows says. Aqru reports it made investments of over £2.0 million in its financial year 2021. There was no revenue as the Aquis Exchange-listed company is in the start-up phase, Aqru explains.
The company sees increasing demand for its service in the future.
‘A cash-rich balance sheet and experienced management team puts the company in a strong position to take advantage of the recent correction in the blockchain and digital assets sectors by investing at attractive valuations,’ Chair Mike Edwards comments.
Chief Executive Philip Blows adds: ‘We look to the future with great confidence as demand for our platform increases and we continue working with regulators to ensure our products are available to investors across the world in a regulatory compliant way.’
Meanwhile, its subsidiary Accru Finance Ltd reaches £16.5 million in assets under management and 10,000 customer accounts, achieved on Thursday. Accru Finance is a proprietary cryptocurrency yield-generating platform.
Current stock price: 1.9 pence, untraded on Friday
Stock price change: down 37% from 3.00p on April 30, 2021
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