4th Dec 2018 10:39
LONDON (Alliance News) - Shares rose in Argo Blockchain PLC on Tuesday it expected to see a hike in its annualised revenue run-rate for to the period to date since its listing on the London Stock Exchange in August.
Shares in the cryptocurrency mining services provider rose 11% at 5.25 pence on Tuesday.
The total number of sold packages more than doubled to 10,325 from 4,200 as at October 1, due to the sellout of a new batch of mining packages once released to the market, beating its target of packages ahead of schedule, initially targeted for January 2019.
As a result, Argo has estimated its annualised revenue run-rate for 2018 to reach USD6.2 million, up significantly from USD260,000 as at its listing.
As at the end of November, net cash amounted to GBP15 million.
"Argo has come a long way since its inception only a year ago. Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy," said Director Mike Edwards.
"Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply. With a strong balance sheet and prudent management of our investment in growth, Argo's long-term prospects remain bright and we look to the future with confidence," Edwards added.
Related Shares:
Argo Blockchai.