Figures in '000 except per share
|
Three Months Ended March 31, 2023
|
Three Months Ended March 31, 2022
|
Six Months Ended December 31, 2022
|
$
|
$
|
$
| |
Revenues
|
11,438
|
19,515
|
24,979
|
Direct costs
|
(5,799)
|
(4,596)
|
(16,647)
|
Mining margin
|
5,639
|
14,919
|
8,332
|
Depreciation of mining equipment
|
(6,116)
|
(6,961)
|
(6,887)
|
Change in fair value of digital currencies
|
(79)
|
(6,039)
|
(1,502)
|
Gross profit (loss)
|
(556)
|
1,919
|
(57)
|
Operating costs and expenses
|
(4,054)
|
(4,173)
|
(21,300)
|
Restructuring
|
(806)
|
-
|
(11,593)
|
Foreign exchange
|
1,300
|
5,705
|
8,444
|
Depreciation/amortisation
|
(323)
|
(205)
|
(7,295)
|
Share based compensation
|
(958)
|
(1,423)
|
(2,553)
|
Operating profit (loss)
|
(5,397)
|
1,823
|
(34,354)
|
Fair value gain/(loss) of investments
|
-
|
(174)
|
(53)
|
Fair value revaluation of contingent consideration
|
-
|
2,742
|
-
|
Loss on sale of subsidiary and investment
|
-
|
-
|
(54,325)
|
Loss on disposal of fixed assets
|
-
|
-
|
(22,702)
|
Finance costs
|
(3,313)
|
(2,442)
|
(17,945)
|
Other income
|
-
|
-
|
3,641
|
Impairment of tangible fixed assets
|
-
|
-
|
(54,574)
|
Impairment of intangible assets
|
-
|
-
|
(5,038)
|
Equity accounted loss from associate
|
-
|
-
|
(5,298)
|
Profit/(loss) before taxation
|
(8,710)
|
1,949
|
(190,648)
|
Tax credit / (expense)
|
-
|
117
|
(7,284)
|
Profit/(loss) after taxation
|
(8,710)
|
2,066
|
(197,932)
|
Other comprehensive income
| |||
Items which may be subsequently reclassified to profit or loss:
| |||
Currency translation reserve
|
-
|
(17,170)
|
9,544
|
Total other comprehensive income (loss), net of tax
|
-
|
(17,170)
|
9,544
|
Total comprehensive loss attributable to the equity holders of the Company
|
(8,710)
|
(15,104)
|
(188,387)
|
Earnings per share attributable to equity owners
| |||
Basic earnings/(loss) per share
|
$(0.018)
|
$0.004
|
$(0.414)
|
Diluted earnings/(loss) per share
|
$(0.018)
|
$0.004
|
$(0.414)
|
March 31,
2023
|
December 31, 2022
| ||
Figures in '000
|
$
|
$
| |
ASSETS
| |||
Non-current assets
| |||
Investments at fair value through profit or loss
|
417
|
414
| |
Investments accounted for using the equity method
|
2,933
|
2,863
| |
Intangible fixed assets
|
2,106
|
2,103
| |
Property, plant and equipment
|
71,106
|
76,991
| |
Right of use assets
|
525
|
525
| |
Total non-current assets
|
77,087
|
82,896
| |
Current assets
| |||
Cash and cash equivalents
|
14,244
|
20,092
| |
Trade and other receivables
|
7,652
|
6,802
| |
Digital assets
|
20
|
443
| |
Total current assets
|
21,916
|
27,337
| |
Total assets
|
99,003
|
110,233
| |
EQUITY AND LIABILITIES
| |||
Equity
| |||
Share Capital
|
590
|
576
| |
Share Premium
|
177,541
|
173,334
| |
Share based payment reserve
|
9,358
|
8,201
| |
Currency translation reserve
|
1,339
|
2,132
| |
Accumulated surplus / (deficit)
|
(183,344)
|
(170,495)
| |
Total equity
|
5,484
|
13,748
| |
Current liabilities
| |||
Trade and other payables
|
7,504
|
10,021
| |
Loans and borrowings
|
12,499
|
11,605
| |
Deferred tax
|
2,165
|
2,647
| |
Lease liability
|
5
|
5
| |
Total current liabilities
|
22,173
|
24,278
| |
Non-current liabilities
| |||
Deferred tax
|
8,134
|
7,942
| |
Issued debt - bond
|
37,824
|
37,809
| |
Loans
|
24,848
|
25,916
| |
Lease liability
|
540
|
540
| |
Total liabilities
|
93,519
|
96,485
| |
Total equity and liabilities
|
99,003
|
110,233
|
2023
| |
Figures in '000
|
$
|
Cash flows from operating activities
| |
Loss before tax
|
(8,710)
|
Adjustments for:
| |
Depreciation/Amortisation
|
6,439
|
Foreign exchange
|
(1,301)
|
Finance costs
|
3,313
|
Fair value change in digital assets through profit or loss
|
79
|
Share based payment expense
|
958
|
Cash flow from operating activities before working capital changes
|
778
|
Working capital changes:
| |
Increase in trade and other receivables
|
(685)
|
Decrease in trade and other payables
|
(3,345)
|
Decrease in digital assets
|
356
|
Net cash used in operating activities
|
(2,895)
|
Investing activities
| |
Purchase of tangible fixed assets
|
(329)
|
Net cash used in investing activities
|
(329)
|
Financing activities
| |
Loan repayments
|
(364)
|
Interest paid
|
(2,728)
|
Net cash generated used in financing activities
|
(3,092)
|
Net decrease in cash and cash equivalents
|
(6,316)
|
Effect of foreign exchange on cash
Cash and cash equivalents at beginning of period
|
468
20,092
|
Cash and cash equivalents at end of period
|
14,244
|
2023
|
2022
| |
Figures in '000
|
$
|
$
|
Net income/(loss)
|
(8,710)
|
2,066
|
Interest expense
|
3,313
|
2,442
|
Depreciation / amortisation
|
6,439
|
7,168
|
Income tax (credit) / expense
|
-
|
(117)
|
EBITDA
|
1,042
|
11,559
|
Change in fair value of digital currencies
|
79
|
6,039
|
Impairment of intangible assets
|
-
|
703
|
One-time restructuring costs
|
806
|
-
|
Foreign exchange gain
|
(1,300)
|
(5,705)
|
Share based payment charge
|
958
|
1,423
|
Adjusted EBITDA
|
1,585
|
14,019
|
Argo Blockchain
| |
Investor Relations
|
ir@argoblockchain.com
|
finnCap Ltd
| |
Corporate Finance
Jonny Franklin-Adams
Seamus Fricker
Joint Corporate Broker
Sunila de Silva
|
+44 207 220 0500
|
Tennyson Securities
| |
Joint Corporate Broker
Peter Krens
|
+44 207 186 9030
|
Tancredi Intelligent Communication
UK & Europe Media Relations
| |
Salamander Davoudi
Emma Valgimigli
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
|
argoblock@tancredigroup.com
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Argo Blockchain plc published this content on 06 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 June 2023 10:26:06 UTC.