(Alliance News) - Argo Blockchain PLC on Thursday said the company strengthened its financial position last year, thanks to cost cutting and a rally in the price of bitcoin.

The London-based cryptocurrency miner narrowed its pretax loss to USD35.0 million in 2023 from USD240.7 million in 2022, even as revenue decreased by 14% to GBP50.6 million from USD58.6.

The improved performance was partly the result of an effort to reduce expenses. Non-mining operating expenses were cut by 48% to USD18.8 million from USD34.1 million, and Argo reduced its interest expenses to USD11.6 million from USD22.7 million.

Weighing against 2022 also had been a substantial impairment charge of USD55.8 million, as well as a USD55.4 million loss on sale of a subsidiary

Being loss-making Argo pays no dividend to shareholders.

In 2023, the company benefited from a strengthening in the price of bitcoin after the previous year's slump. The cryptocurrency has more than doubled in price over the past 12 months.

Chief Executive Officer Thomas Chippas said: "We have worked hard to strengthen our balance sheet and reduce Argo's debt burden. We have reduced the debt owed to Galaxy Power LLC by USD22 million, or 63%, and we have also improved our cash position over the last several quarters."

Looking ahead, Argo said its priorities for the year include a continued strategic focus on financial discipline.

Argo Blockchain shares were down 4.8% to 11.61 pence each in London on Thursday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.