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Coinsilium Group Ltd - Gibraltar-based blockchain and crypto finance - Posts lower profit in 2021 as administration expenses surge. Pretax profit falls to £13,774 from £309,590 in 2020. Revenue grows to £529,812 from £229,772. Administration expenses rise to £1.7 million from £620,197 in 2020. Part of 2021's administration expenses are £663,401 share-based payment charges ‘making up the largest single expense item in this financial statement line item’, firm explains. Proposes no dividend for 2021, unchanged from 2020.
Regarding its outlook, Coinsilium says: ‘Our wholly owned Nifty Labs subsidiary, a revenue sharing partnership with portfolio company Indorse, has the potential to generate significant value for the Company in the long term.’
Coinsilium adds: ‘Whilst the prevailing market conditions will no doubt give some market participants cause for concern, we are currently more focused identifying the opportunities that these conditions will likely present to us as we look to deploy our resources smartly with the aim of delivering long term growth and value to our shareholders.’
Current stock price: 2.79 pence, down 0.7% on Monday
12-month change: down 59%
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