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Name | Symbol | Market | Type |
---|---|---|---|
Argo Blockchain PLC | NASDAQ:ARBK | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 1.45% | 1.40 | 1.30 | 1.68 | 1.45 | 1.33 | 1.33 | 176,360 | 05:00:05 |
Exhibit No.
1
|
Description
Q1 2023
Results dated 06 June 2023
|
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
|
Date:
06 June,2023
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter Wall
Title:
Chief Executive Officer
Name:
David Zapffe
Title:
General Counsel
|
1 Year Argo Blockchain Chart |
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