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Mode Global loss narrows and revenue falls; seeking future investment

4th Jul 2023 13:44

(Alliance News) - Mode Global Holdings PLC on Tuesday said its annual loss narrowed as costs decreased, while revenue was hurt by a decline in its crypto business.

The London-based fintech with a bitcoin banking app said pretax loss in 2022 narrowed to GBP6.9 million from GBP9.2 million a year prior. Administrative expenses fell by 27% to GBP6.9 million.

Revenue fell by 15% to GBP1.1 million from GBP1.3 million the year before, partly due to finance costs of GBP64,000, as well as a signfiicant drop in crypto revenues to GBP154,000 from GBP656,000.

Looking ahead, Mode has ceased its crypto and payment operations in order to maintain its cash reserves while the board considers the future of the company. Mode added it is in talks to raise funds and to invest in future ventures.

Shares in Mode Global Holdings are suspended at 0.60 pence each.

By Sabrina Penty, Alliance News reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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