Argo Blockchain Revenue Drops As Bitcoin Prices Fall

by Arthur · April 28, 2023

(Alliance News) – The following is a summary of earnings updates from London-listed companies, issued on Friday and not reported separately by Alliance News:

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Argo Blockchain PLC – London-based cryptocurrency miner – 2022 revenue stands at GBP47.4 million, down 36% from GBP74.2 million a year ago, driven by a sharp fall in Bitcoin prices. Swinging to a pre-tax loss of GBP194.6m, from a profit of GBP39.3m. Says loss is due to a change in fair value of digital assets, decline in value of assets and loss from sales. Notes that Bitcoin and Bitcoin equivalents mined in 2022 were 2,156, up 5% from 2021. Focuses on optimizing mining fleet and deploying new BlockMiner machines at Quebec facilities. “After navigating challenging market conditions in both the crypto sector and the global economy in the second half of 2022, Argo has emerged stronger and in a much more solid financial position,” says CEO Seif El-Bakly.

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URA Holdings PLC – strategic mineral exploration in southern and central Africa – Pre-tax loss for 2022 amounts to GBP1.0m, up from GBP289,000 a year ago. Records no income and declares no dividend, unchanged from 2021. Basic loss per share widens to 0.82 pence, from 0.02 a year ago. Says it plans to resume initial mining in the near term, noting two exploration licenses in Zambia were acquired in 2022.

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Aseana Properties Ltd – Jersey-based property developer with investments in Malaysia and Vietnam – Net asset value per share at December 31 was 37 US cents, down from 46 US cents a year ago. Pre-tax loss for 2022 US$17.6 million, increasing from US$5.8 million in 2021, due to an impairment charge of US$8.6 million. Revenue is USD980,000, up from USD595,000, with revenue of USD36.4 million deferred until control of sold units in the leaseback program is transferred to the buyer, Aseana says. Does not declare dividends, unchanged from 2021.

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Sivota PLC – investment vehicle focused on late-stage Israeli technology firms – Revenue for 2022 USD5.9 million, increasing from no revenue in 2021. Loss before tax amounts to USD5.1 million, increasing from USD498,000, including Apester’s loss from Sivota’s acquisition of the company in May 2022. Does not declare a dividend for 2022. Says it continues to “manage its cash resources prudently and to minimize its ongoing operating costs”.

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By Harvey Dorset, Alliance News reporter

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