24th Sep 2018 15:16
LONDON (Alliance News) - Blockchain Worldwide PLC on Monday said it is still seeking a suitable investment, having made a loss in its first year on expenses associated with its formation and listing.
The blockchain technology investor recorded a pretax loss of GBP82,251 for the year to June 30, resulting from administrative expenses of GBP84,671. This includes GBP23,939 of legal and professional expenses.
The company floated on the London Stock Exchange in September as Stapleton Capital PLC, and its intent was to make a telecoms acquisition, but it changed its name to Blockchain Worldwide in January when it shifted focus to blockchain.
Blockchain is a digital network which records data and transactions in multiple locations. It was originally created for the digital currency bitcoin, but has a range of other applications in banking and communications.
Blockchain Worldwide intends to focus on these other applications when seeking investments.
As yet, no acquisition has occurred and the company recorded no revenue for the period. The investor's cash reserves at at June 30 stood at GBP1.4 million with no refinancing.
"The blockchain sector continues to grow rapidly, attracting large amounts of capital investment, the formation of new sub-sectors and the development of innovative applications for blockchain around the world," said Blockchain Worldwide Chairman Jon Hale.
"Since January, the board has examined a number of investment opportunities within the sector and remain confident we will identify and complete an acquisition to generate significant shareholder value in the near future. I look forward to being able to give shareholders further updates as soon as I can," Hale added.
Shares in Blockchain Worldwide were down 7.1% at 4.28 pence on Monday.
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