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Tap Global Group PLC on Thursday said it was in ‘robust health’ as annual revenue jumps on stronger trading, but sees its loss widen on higher costs.
Tap Global is a London-based firm which offers a regulated crypto app that helps bridge the gap between traditional finance and blockchain technology by providing banking and crypto settlement services.
The company said revenue surged to £2.0 million in the financial year ended June 30 from £50,000 the year before, citing a ‘sustained return of cryptocurrency trading volumes.’ Revenue in the five months to November was £1.0 million.
Pretax loss widened, however, to £1.1 million from £321,792 a year prior. This was driven by fair value adjustments of £300,795, as well as sales expenses of 494,488.
Looking ahead, Chair David Hunter said: ‘There is more to do to ensure Tap Group emerges as a force out of the current industry-wide maelstrom; but the foundations for huge scaling have been firmly laid and Tap Group is poised to become a truly global player in the fintech arena.’
Shares in Tap Global were untraded at 2.05 pence each in London on Thursday morning on Aquis.
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