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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Argo Blockchain PLC (PK) | USOTC:ARBKF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 3.85% | 0.135 | 0.135 | 0.15 | 0.146979 | 0.1335 | 0.1335 | 22,163 | 20:17:30 |
Exhibit No.
1
|
Description
2021
Full Year Results dated 27 04 2022
|
|
Year ended
|
Year ended
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
|
|
£’000
|
£’000
|
|
|
|
|
|
Gross profit
|
53,619
|
3,921
|
|
|
|
|
|
Depreciation
of mining equipment
|
11,129
|
5,896
|
|
Change
in fair value of digital currencies
|
(1,191)
|
(2,084)
|
|
Realized
gain (loss) on sale of digital currencies
|
(437)
|
14
|
|
Cryptocurrency
management fees
|
(3,789)
|
(10)
|
|
Mining profit
|
59,268
|
7,737
|
|
Bitcoin and Bitcoin Equivalent Mining Margin
|
84%
|
41%
|
|
Year ended
|
Year ended
|
|
31 December
|
31 December
|
|
2021
|
2020
|
|
£’000
|
£’000
|
|
|
|
Net income/(loss)
|
30,765
|
1,442
|
|
|
|
Interest
expense
|
2,142
|
157
|
Depreciation
/ amortisation
|
11,511
|
6,027
|
Income
tax expense
|
8,506
|
-
|
EBITDA
|
52,924
|
7,626
|
Argo Blockchain
|
|
Peter Wall
Chief
Executive
|
via Tancredi +44 203 434 2334
|
finnCap Ltd
|
|
Corporate
Finance
Jonny Franklin-Adams
Tim Harper
Joint
Corporate Broker
Sunila de Silva
|
+44 207 220 0500
|
Tennyson Securities
|
|
Joint
Corporate Broker
Peter Krens
|
+44 207 186 9030
|
OTC Markets
|
|
Jonathan Dickson
jonathan@otcmarkets.com
|
+44 204 526 4581
+44 7731 815 896
|
Tancredi Intelligent Communication
UK
& Europe Media Relations
|
|
Emma Valgimigli
Emma Hodges
Fabio Galloni-Roversi Monaco
Nasser Al-Sayed
argoblock@tancredigroup.com
|
+44 7727 180 873
+44 7861 995 628
+44 7888 672 701
+44 7915 033 739
|
|
|
Year ended
|
Year ended
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
Continuing operations
|
Note
|
£’000
|
£’000
|
|
|
|
|
Revenues
|
7
|
74,204
|
18,957
|
Direct
costs
|
8
|
(22,186)
|
(17,106)
|
Change
in fair value of digital currencies
|
22
|
1,628
|
2,070
|
|
|
|
|
Gross profit
|
|
53,646
|
3,921
|
|
|
|
|
Operating
costs and expenses
|
8
|
(8,298)
|
(2,167)
|
Reversal
of credit loss provision
|
|
-
|
447
|
Share
based payment charge
|
23
|
(1,938)
|
(331)
|
Foreign
exchange
|
|
(589)
|
(271)
|
Operating profit
|
|
42,821
|
1,599
|
|
|
|
|
Fair
value revaluation of variable consideration
|
26
|
236
|
-
|
Fair
value gain/(loss) of investments
|
15
|
183
|
-
|
Loss on
sale of investment
|
15
|
(629)
|
-
|
Finance
costs
|
8
|
(2,142)
|
(157)
|
Equity
accounted loss from associate
|
16
|
(1,198)
|
-
|
Profit before taxation
|
|
39,271
|
1,442
|
|
|
|
|
Tax
expense
|
13
|
(8,506)
|
-
|
|
|
|
|
Profit after taxation
|
|
30,765
|
1,442
|
Other comprehensive income
|
|
|
|
Items
which may be subsequently reclassified to profit or
loss:
|
|
|
|
- Currency
translation reserve
|
|
(410)
|
265
|
- Equity accounted
OCI from associate
|
16
|
6,571
|
-
|
- Fair value gains on
intangible digital assets
|
18
|
414
|
-
|
Total other comprehensive income, net of tax
|
|
6,575
|
265
|
|
|
|
|
Total comprehensive income attributable to the equity holders of
the Company
|
|
37,340
|
1,707
|
|
|
|
|
Earnings per share attributable to equity owners
(pence)
|
|
|
|
Basic
earnings per share
|
12
|
7.7p
|
0.5p
|
Diluted
earnings per share
|
12
|
7.4p
|
0.4p
|
|
|
As at
|
As at
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
|
Note
|
£’000
|
£’000
|
|
|
|
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Investments
at fair value through profit or loss
|
15
|
403
|
1,393
|
Investments
accounted for using the equity method
|
16
|
13,817
|
-
|
Intangible
fixed assets
|
18
|
5,604
|
368
|
Property,
plant and equipment
|
19
|
111,604
|
10,524
|
Right
of use assets
|
19
|
350
|
7,379
|
Other
receivables
|
20
|
-
|
4,115
|
Total non-current assets
|
|
131,778
|
23,779
|
|
|
|
|
Current assets
|
|
|
|
Trade
and other receivables
|
21
|
63,359
|
2,175
|
Digital
assets
|
22
|
80,759
|
4,638
|
Cash
and cash equivalents
|
|
11,803
|
2,051
|
Total current assets
|
|
155,921
|
8,864
|
|
|
|
|
Total assets
|
|
287,699
|
32,643
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
Equity
|
|
|
|
Share
Capital
|
24
|
468
|
303
|
Share
Premium
|
24
|
139,581
|
1,541
|
Share
based payment reserve
|
25
|
1,905
|
75
|
Fair
value reserve
|
25
|
414
|
-
|
Currency
translation reserve
|
25
|
33
|
443
|
Other
comprehensive income of equity accounted associates
|
25
|
6,571
|
-
|
Accumulated
surplus
|
25
|
52,838
|
21,965
|
Total equity
|
|
201,810
|
24,327
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
and other payables
|
26
|
15,245
|
936
|
Contingent
consideration
|
26
|
8,071
|
-
|
Loans
and borrowings
|
27
|
23,391
|
-
|
Income
tax
|
13
|
7,679
|
-
|
Deferred
tax
|
13
|
286
|
|
Lease
liability
|
28
|
7
|
3,470
|
Total current liabilities
|
|
54,679
|
4,406
|
Non-current liabilities
|
|
|
|
Deferred
tax
|
13
|
541
|
-
|
Issued
debt - bond
|
27
|
26,908
|
-
|
Loans
|
27
|
3,391
|
-
|
Lease
liability
|
28
|
370
|
3,910
|
Total liabilities
|
|
85,889
|
8,316
|
|
|
|
|
Total equity and liabilities
|
|
287,699
|
32,643
|
|
|
As at
|
As at
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
|
Note
|
£’000
|
£’000
|
|
|
|
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Investment
in subsidiaries
|
14
|
12,181
|
-
|
Investments
at fair value through profit or loss
|
15
|
73
|
-
|
Investments
accounted for using the equity method
|
16
|
13,817
|
-
|
Total non-current assets
|
|
26,071
|
-
|
|
|
|
|
Current assets
|
|
|
|
Trade
and other receivables
|
21
|
8,598
|
186
|
Intercompany
receivable
|
21
|
175,859
|
22,876
|
Cash
and cash equivalents
|
|
126
|
1,456
|
Total current assets
|
|
184,583
|
24,518
|
|
|
|
|
Total assets
|
|
210,654
|
24,518
|
|
|
|
|
EQUITY AND LIABILITIES
|
|
|
|
Equity
|
|
|
|
Share
Capital
|
24
|
468
|
303
|
Share
Premium
|
24
|
139,581
|
1,541
|
Share
based payment reserve
|
25
|
1,905
|
75
|
Other
comprehensive income of equity accounted associates
|
25
|
6,571
|
-
|
Accumulated
surplus
|
25
|
18,986
|
22,429
|
Total equity
|
|
167,511
|
24,348
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
and other payables
|
26
|
8,164
|
170
|
Contingent
consideration
|
26
|
8,071
|
-
|
Total current liabilities
|
|
16,235
|
170
|
Non-current liabilities
|
|
|
|
Loans
and borrowing
|
27
|
26,908
|
-
|
Total liabilities
|
|
43,143
|
170
|
|
|
|
|
Total equity and liabilities
|
|
210,654
|
24,518
|
|
Share Capital
|
Share Premium
|
Currency translation reserve
|
Share based payment reserve
|
Fair Revaluation Reserve
|
Other comprehe-nsive income of associations
|
Accum-ulated surplus/
(deficit)
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
Balance at 1 January 2021
|
304
|
1,540
|
443
|
75
|
-
|
-
|
21,965
|
24,327
|
Total comprehensive profit for the period:
|
|
|
|
|
|
|
|
|
Profit
for the period
|
-
|
-
|
-
|
-
|
-
|
|
30,765
|
30,765
|
Other
comprehensive income
|
-
|
-
|
(410)
|
-
|
414
|
6,571
|
-
|
6,575
|
Total
comprehensive income for the period
|
-
|
-
|
(410)
|
|
414
|
6,571
|
30,765
|
37,340
|
Transactions with equity owners:
|
|
|
|
|
|
|
|
|
Shares
capital issued
|
164
|
150,977
|
-
|
-
|
-
|
-
|
-
|
151,141
|
Issue
costs of share capital
|
-
|
(12,936)
|
-
|
-
|
-
|
-
|
-
|
(12,936)
|
Share
based payment charge
|
-
|
-
|
-
|
1,938
|
-
|
-
|
-
|
1,938
|
Share
options/warrants exercised
|
-
|
-
|
-
|
(108)
|
-
|
-
|
108
|
-
|
Total
transactions with equity owners
|
164
|
138,041
|
-
|
1,830
|
-
|
-
|
108
|
140,143
|
Balance at 31 December 2021
|
468
|
139,581
|
33
|
1,905
|
414
|
6,571
|
52,838
|
201,810
|
|
Share Capital
|
Share Premium
|
Currency translation reserve
|
Share based payment reserve
|
Accumulated surplus/
(deficit)
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
Balance at 1 January 2020
|
294
|
25,252
|
178
|
-
|
(4,986)
|
20,738
|
Total comprehensive profit for the period:
|
|
|
|
|
|
|
Profit
for the period
|
-
|
-
|
-
|
-
|
1,442
|
1,442
|
Other
comprehensive income
|
-
|
-
|
265
|
-
|
-
|
265
|
Total
comprehensive income for the period
|
-
|
-
|
265
|
|
1,442
|
1,707
|
Transactions with equity owners:
|
|
|
|
|
|
|
Shares
to be issued
|
10
|
1,540
|
-
|
-
|
-
|
1,550
|
Cancellation
of share premium
|
-
|
(25,252)
|
-
|
-
|
25,252
|
-
|
Share
options/warrants charges
|
-
|
-
|
-
|
332
|
-
|
332
|
Share
based payments lapsed/expired
|
-
|
-
|
-
|
(257)
|
257
|
-
|
Total
transactions with equity owners
|
10
|
(23,712)
|
-
|
75
|
25,509
|
1,882
|
Balance at 30 December 2020
|
304
|
1,540
|
443
|
75
|
21,965
|
24,327
|
|
Share Capital
|
Share Premium
|
Share based payment reserve
|
Other comprehensive income of associates
|
Accumulated surplus/
(deficit)
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
Balance at 1 January 2021
|
304
|
1,540
|
75
|
-
|
22,429
|
24,348
|
Total comprehensive income for the period:
|
|
|
|
|
|
|
Loss
for the period
|
-
|
-
|
-
|
-
|
(3,551)
|
(3,551)
|
Other
comprehensive income
|
-
|
-
|
-
|
6,571
|
-
|
6,571
|
Total
comprehensive income for the period
|
-
|
-
|
-
|
6,571
|
(3,551)
|
3,020
|
Transactions with equity owners:
|
|
|
|
|
|
|
Gross
share capital
|
164
|
150,977
|
-
|
-
|
-
|
151,141
|
Issue
costs of share capital
|
-
|
(12,936)
|
|
|
|
(12,936)
|
Share
based payments charge
|
-
|
-
|
1,938
|
-
|
-
|
1,938
|
Share
options/warrants exercised
|
-
|
-
|
(108)
|
-
|
108
|
-
|
Total
transactions with equity owners
|
164
|
138,041
|
1,830
|
-
|
108
|
140,143
|
|
|
|
|
|
|
|
Balance at 31 December 2021
|
468
|
139,581
|
1,905
|
6,571
|
18,986
|
167,511
|
|
Share Capital
|
Share premium
|
Share based payment reserve
|
Accumulated surplus/
(deficit)
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
Balance at 1 January 2020
|
294
|
25,252
|
-
|
(2,469)
|
23,077
|
Total comprehensive profit for the period:
|
-
|
-
|
-
|
-
|
-
|
Loss
for the period
|
-
|
-
|
-
|
(610)
|
(610)
|
Other
comprehensive income
|
-
|
-
|
-
|
-
|
-
|
Total
comprehensive income for the period
|
-
|
-
|
-
|
(610)
|
(610)
|
Transactions with equity owners:
|
|
|
|
|
|
Shares
to be issued
|
9
|
1,540
|
-
|
-
|
1,550
|
Cancellation
of share premium
|
-
|
(25,252)
|
-
|
25,252
|
-
|
Share
options/warrants charges
|
-
|
-
|
332
|
-
|
332
|
Share
based payments lapsed/expired
|
-
|
-
|
(257)
|
257
|
-
|
Total
transactions with equity holders
|
9
|
(23,712)
|
75
|
25,509
|
1,882
|
Balance at 31 December 2020
|
303
|
1,540
|
75
|
22,429
|
24,348
|
|
|
Year ended
|
Year ended
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
|
Note
|
£’000
|
£’000
|
Cash flows from operating activities
|
|
|
|
Profit
before tax
|
|
39,271
|
1,442
|
Adjustments for:
|
|
|
|
Depreciation/Amortisation
|
18, 19
|
11,511
|
6,027
|
Foreign
exchange movements
|
|
589
|
271
|
Loss on
disposal of tangible assets
|
|
-
|
66
|
Finance
cost
|
|
2,142
|
157
|
Loss on
sale of investment
|
|
629
|
-
|
Fair
value change in digital assets through profit or loss
|
22
|
(1,628)
|
(2,342)
|
Fair
value movement on digital assets held as intangibles
|
|
(414)
|
-
|
Impairment
of intangible digital assets
|
18
|
535
|
-
|
Investment
fair value movement
|
15
|
(183)
|
-
|
Share
of loss from associate
|
|
1,198
|
-
|
Non-cash
settlement of management fees
|
8
|
(1,561)
|
-
|
Revaluation
of contingent consideration
|
26
|
(236)
|
-
|
Derecognition
of contingent consideration
|
|
(352)
|
|
Share
based payment expense
|
23
|
1,938
|
332
|
Working capital changes:
|
|
|
|
(Increase)/decrease
in trade and other receivables
|
21
|
(13,628)
|
(90)
|
Increase/(decrease)
in trade and other payables
|
14,430
|
(2,107)
|
|
(Increase)
in digital assets
|
14
|
(80,331)
|
(1,236)
|
Net cash (used in)/generated from operating activities
|
|
(27,817)
|
2, 520
|
|
|
|
|
Investing activities
|
|
|
|
Investment
at fair value through profit or loss
|
15
|
(220)
|
-
|
Acquisition
of subsidiaries, net of cash acquired
|
17
|
(664)
|
-
|
Investment
in associate
|
16
|
(7,353)
|
-
|
Foreign
exchange on investing activities
|
|
-
|
48
|
Interest
received
|
|
-
|
1
|
Proceeds
from sale of investment
|
15
|
772
|
-
|
Purchase
of tangible fixed assets
|
19
|
(78,972)
|
(1,808)
|
Proceeds
from disposal of tangible fixed assets
|
|
-
|
704
|
Purchase
of digital assets
|
22
|
(15,009)
|
-
|
Proceeds
from sale of digital assets
|
22
|
11,308
|
-
|
Mining
equipment prepayment
|
|
(47,426)
|
-
|
Net cash used in investing activities
|
|
(137,564)
|
(1,055)
|
|
|
|
|
Financing activities
|
|
|
|
Increase/(decrease)
in loans
|
18
|
22,239
|
(968)
|
Lease
payments
|
28
|
(7,379)
|
-
|
Loan
repayments
|
27
|
(1,196)
|
-
|
Interest
paid
|
|
(122)
|
(157)
|
Proceeds
from debt issue – net of issue costs
|
27
|
26,908
|
-
|
Proceeds
from shares issued – net of issue costs
|
24
|
134,684
|
1,550
|
Net cash generated from/(used in) financing activities
|
|
175,133
|
425
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
9,752
|
1,890
|
Cash
and cash equivalents at beginning of period
|
|
2,051
|
161
|
Cash
and cash equivalents at end of period
|
|
11,803
|
2,051
|
|
|
|
|
|
|
|
|
Group - net debt table
|
|
Year ended
31 December 2021
|
Year ended
31 December 2020
|
|
|
£’000
|
£’000
|
Current
loans and borrowings
|
27
|
(23,391)
|
-
|
Current
lease liability
|
28
|
(7)
|
(3,470)
|
Non-current
issued debt – bonds
|
27
|
(26,908)
|
-
|
Non-current
loans and borrowings
|
27
|
(3,391)
|
-
|
Non-current
liability
|
28
|
(370)
|
(3,910)
|
Cash
and cash equivalents
|
|
11,803
|
2,051
|
Total net debt
|
|
(42,264)
|
(5,329)
|
|
|
|
|
|
|
Year ended
|
Year ended
|
|
|
31 December
|
31 December
|
|
|
2021
|
2020
|
|
Note
|
£’000
|
£’000
|
Cash flows from operating activities
|
|
|
|
Profit
before tax
|
|
(3,551)
|
(610)
|
Adjustments for:
|
|
|
|
Share
of loss from associate
|
|
1,198
|
-
|
Foreign
exchange movements
|
|
(409)
|
|
Share
based payment expense
|
|
1,938
|
332
|
Working capital changes:
|
|
|
|
(Increase)/decrease
in trade and other receivables
|
(8,411)
|
(133)
|
|
Increase/(decrease)
in trade and other payables
|
26
|
7,741
|
(21)
|
Net cash used in operating activities
|
|
(1,494)
|
(432)
|
|
|
|
|
Investing activities
|
|
|
|
Purchase
of investments
|
8
|
(7,353)
|
-
|
(Increase)/decrease
in loan to subsidiary
|
13
|
(154,075)
|
298
|
Net cash (used in)/generated from investing activities
|
|
(161,428)
|
298
|
|
|
|
|
Financing activities
|
|
|
|
Proceeds
from debt issue – net of issue costs
|
18
|
26,908
|
|
Proceeds
from shares issued – net of issue costs
|
|
134,645
|
1,550
|
Net cash generated from/(used in) financing activities
|
|
161,592
|
1,550
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
(1,330)
|
1,416
|
Cash
and cash equivalents at beginning of period
|
|
1,456
|
40
|
Cash
and cash equivalents at end of period
|
|
126
|
1,456
|
|
|
|
|
Company - net (debt) / asset table
|
|
Year ended
31 December 2021
|
Year ended
31 December 2020
|
|
|
£’000
|
£’000
|
Non-current
loans and borrowings
|
27
|
(26,908)
|
-
|
Cash
and cash equivalents
|
|
126
|
1,456
|
Total net (debt) / asset
|
|
(26,782)
|
1,456
|
|
|
|
|
|
Change
in USD rate
|
Effect
on profit before tax
|
Effect
on pre-tax equity
|
|
|
£’000
|
£’000
|
2021
|
+/-10%
|
+/-250
|
+/-87
|
|
|
|
|
|
|
|
|
2020
|
+/-10%
|
-
|
-
|
|
|
|
|
|
Change
in CAD rate
|
Effect
on profit before tax
|
Effect
on pre-tax equity
|
|
|
£’000
|
£’000
|
2021
|
+/-10%
|
+/-1,611
|
+/-3,208
|
|
|
|
|
|
|
|
|
2020
|
+/-10%
|
+/-614
|
+/-122
|
|
|
|
|
|
Less than 1 year
|
Between 1 and 2 years
|
Between 2 and 5 years
|
Over 5 years
|
At 31 December 2021
|
|
|
|
|
Loans
and borrowings
|
23,901
|
2,188
|
693
|
-
|
Lease
liabilities
|
21
|
42
|
63
|
251
|
Issued
debt
|
-
|
-
|
26,908
|
-
|
|
|
|
|
,
|
At December 2020
|
|
|
|
|
Lease
liabilities
|
3,470
|
3909
|
-
|
-
|
Standard or Interpretation
|
Description
|
Effective date for annual accounting period beginning on or
after
|
IAS
1
|
Amendments
– Presentation and Classification of Liabilities as Current
or Non-current
|
1
January 2023
|
IAS
16
|
Amendments
- Property, Plant and Equipment
|
1
January 2022
|
IAS
37
|
Provisions,
Contingent Liabilities and Contingent Assets
|
1
January 2022
|
IAS
8
|
Amendments
- Definition of Accounting Estimates
|
1
January 2023
|
IAS
1
|
Amendments
– Disclosure of Accounting Policies
|
1
January 2023
|
IFRS
3
|
Amendments
– Business Combinations – Conceptual
Framework
|
1
January 2022
|
IFRS
|
Annual
Improvements to IFRS Standards 2018-2020
|
1
January 2022
|
|
|
Period ended
31 December 2021
|
Period ended
31 December 2020
|
|
|
£’000
|
£’000
|
Crypto
currency mining - worldwide
|
|
70,325
|
18,947
|
Subscriber
revenue - worldwide
|
|
-
|
10
|
Crypto
currency management fees – United States
|
|
3,879
|
-
|
Total revenue
|
|
74,204
|
18,957
|
|
|
|
|
|
|
2021
|
2020
|
Direct Costs
|
|
£’000
|
£’000
|
Depreciation
of mining hardware
|
|
11,129
|
5,896
|
Hosting
and other costs
|
|
11,057
|
11,210
|
Total direct costs
|
|
22,186
|
17,106
|
|
|
|
|
|
|
2021
|
2020
|
Administrative expenses
|
|
£’000
|
£’000
|
Salary
and other employee related costs
|
|
2,662
|
461
|
Depreciation
and amortisation
|
|
382
|
131
|
Legal,
professional and regulatory fees
|
|
1,533
|
114
|
Consulting
fees
|
|
684
|
690
|
Insurance
|
|
1,408
|
117
|
Public
relations and associated activities
|
|
699
|
113
|
Travel
and subsistence
|
|
128
|
46
|
Audit
fees
|
|
239
|
135
|
Carbon
credits
|
|
252
|
-
|
Hedging
costs
|
|
326
|
-
|
Impairment
of intangible assets
|
|
535
|
-
|
Repairs
and maintenance
|
|
939
|
75
|
Settlement
re Crypto mining management fees
|
|
(1,561)
|
-
|
Write
off of variable contingent consideration
|
|
(352)
|
-
|
Research
costs
|
|
-
|
20
|
Other
expenses
|
|
424
|
265
|
Total administrative expenses
|
|
8,298
|
2,167
|
|
|
|
|
|
|
2021
|
2020
|
|
Finance Costs
|
|
£’000
|
£’000
|
|
Interest
on loans and borrowings
|
|
2,142
|
151
|
|
Total finance costs
|
|
2,142
|
151
|
|
|
|
|
|
|
|
2021
|
2020
|
|
|
£’000
|
£’000
|
In
relation to statutory audit services
|
|
170
|
100
|
Other
audit assurance services
|
|
52
|
35
|
Total auditor’s remuneration
|
|
222
|
135
|
|
|
|
|
|
|
2021
|
2020
|
|
|
Number
|
Number
|
Directors
and employees
|
|
26
|
6
|
|
|
|
|
|
|
2021
|
2020
|
|
|
£’000
|
£’000
|
Wages
and salaries
|
|
2,286
|
191
|
Social
security costs
|
|
199
|
13
|
Pension
costs
|
|
25
|
-
|
Share
based payments
|
|
1,392
|
24
|
|
|
3,902
|
228
|
|
|
2021
|
2020
|
|
|
Number
|
Number
|
Directors
and employees
|
|
4
|
1
|
|
|
|
|
|
|
2021
|
2020
|
|
|
£’000
|
£’000
|
Wages
and salaries
|
|
406
|
135
|
Social
security costs
|
|
8
|
18
|
Pension
costs
|
|
1
|
-
|
Share
based payments
|
|
338
|
-
|
|
|
745
|
153
|
|
|
2021
|
2020
|
|
|
£’000
|
£’000
|
Director’s
remuneration for qualifying services
|
|
856
|
532
|
Senior
management loss of office
|
|
132
|
-
|
Share
based payments
|
|
431
|
20
|
Total remuneration for directors and key management
|
|
1,419
|
552
|
|
|
|
|
|
2021
|
2020
|
Net
profit for the period attributable to ordinary equity holders from
continuing operations (£’000)
|
37,765
|
1,442
|
Weighted
average number of ordinary shares in issue
(‘000)
|
397,513
|
303,436
|
Basic
earnings per share for continuing operations (pence)
|
7.1
|
0.5
|
|
|
|
Net
profit for the period attributable to ordinary equity holders for
continuing operations (£’000)
|
30,765
|
1,442
|
Diluted
number of ordinary shares in issue (‘000)
|
415,201
|
344,638
|
Diluted
earnings per share for continuing operations (pence)
|
7.4
|
0.4
|
13.TAXATIONCurrent
tax:2021£’0002020£’000Current tax on profits
for the year7,679-Adjustments in respect of prior periods--Total
current tax7,679-Deferred
tax:2021£’0002020£’000Origination and
reversal of temporary differences827-Total deferred tax827-Total
tax charge8,506-No deferred tax has
been recognised on the losses brought forward on the UK and US
losses given the uncertainty on the generation of future
profits.Income tax expenseThe
tax on the Group’s profit before tax differs from the
theoretical amount that would arise using the weighted average tax
rate applicable to profits of the consolidated entities as
follows:20212020£’000£’000Profit
before taxation39,2711,442Expected tax charge based on a weighted
average of 25% (2020 - 24%) (UK, US and Canada)9,746346Effect of
expenses not deductible in determining taxable profit1,7793Capital
allowances in excess of depreciation(3,770)(101)Other tax
adjustments(137)(703)Other timing differences(385)-Origination and
reversal of temporary differences827-Unutilised tax losses carried
forward445455Taxation charge in the financial
statements8,506-
|
|
|
|
||
Deferred tax liabilities
|
2021
£’000
|
2020
£’000
|
||
Fair value gains:
|
|
|
||
Digital
assets
|
286
|
-
|
||
Gain on
fair value of property acquired (see note 17)
|
442
|
-
|
||
Share
of other comprehensive income of associates
|
99
|
-
|
||
Total deferred tax
|
827
|
-
|
|
|
|
|
|
||||
Name of Undertaking
|
Country of Incorporation
|
Ownership Interest (%)
|
Voting Power Held (%)
|
Nature of Business
|
||||
Argo
Innovation Labs Inc.
|
Canada
|
100%
|
100%
|
*
|
||||
Argo
Innovation Labs Limited
|
UK
|
100%
|
100%
|
Dormant
|
||||
Argo
Innovation Facilities (US) Inc.
|
USA
|
100%
|
100%
|
*
|
||||
9377-2556
Quebec Inc.
|
Canada
|
100%
|
100%
|
**
|
||||
9366-5230
Quebec Inc.
|
Canada
|
100%
|
100%
|
**
|
Investment in subsidiaries
|
2021
£’000
|
2020
£’000
|
|
|
|
At 1
January
|
-
|
-
|
Additions
|
12,181
|
-
|
At 31 December
|
12,181
|
-
|
|
|
|
||
Non-current
Group
|
2021
£’000
|
2020
£’000
|
||
|
|
|
||
At 1
January
|
1,393
|
58
|
||
Additions
|
219
|
1,336
|
||
Foreign
exchange movement
|
-
|
(1)
|
||
Fair
value through profit or loss
|
183
|
-
|
||
Disposals
|
(1,392)
|
-
|
||
At 31 December
|
403
|
1,393
|
Non-current
Company
|
2021
£’000
|
2020
£’000
|
|
|
|
At 1
January
|
-
|
-
|
Additions
|
73
|
-
|
At 31 December
|
73
|
-
|
|
|
|
As at 31 December 2021
|
As at 31 December 2020
|
|
|
|
|
|
|
|
|
£000’s
|
£000s
|
Opening
balance
|
|
|
-
|
-
|
Acquired
during the period
|
|
|
8,444
|
-
|
Share
of loss
|
|
|
(1,198)
|
|
Share
of fair value gains on intangible assets through other
comprehensive income
|
|
|
6,571
|
|
Closing balance
|
|
|
13,817
|
-
|
|
|
|
Pluto Digital plc
|
|
|
|
|
As at 31 December
|
|
|
|
|
2021
£000’s
|
|
Current
|
|
|
|
|
Cash
and cash equivalents
|
|
|
1,759
|
|
Other
current assets (excluding cash)
|
|
|
335
|
|
Total
current assets
|
|
|
2,094
|
|
Trade
payables
|
|
|
88
|
|
Other
current liabilities (excluding trade payables)
|
|
|
1,494
|
|
Total
current liabilities
|
|
|
1,582
|
|
Non-current
|
|
|
|
|
Tangible
fixed assets
|
|
|
49
|
|
Investments
and other non-current assets
|
|
|
56,000
|
|
Total
non-current assets
|
|
|
56,049
|
|
Financial
liabilities
|
|
|
2,807
|
|
Total
non-current liabilities
|
|
|
2,807
|
|
Net assets
|
|
|
53,754
|
|
|
|
|
|
|
|
|
|
|
|
|
January 12 – December 31, 2021
£000’s
|
Operating
costs and expense
|
|
|
(7,652)
|
Realised
gains – digital assets
|
|
|
2,394
|
Loss
from continuing operations
|
|
|
(5,258)
|
Income
tax expense
|
|
|
575
|
Post-tax
loss from continuing operations
|
|
|
(4,867)
|
Other
comprehensive income
|
|
|
26,991
|
Total comprehensive Income
|
|
|
21,824
|
|
|
|
2021
£000’s
|
Summarised financial information
|
|
|
|
Net
assets at acquisition
|
|
|
34,228
|
Profit/(loss)
for the period
|
|
|
(4,867)
|
Other
comprehensive income
|
|
|
26,691
|
Foreign
exchange differences
|
|
|
-
|
Closing net assets
|
|
|
56,052
|
Interest
in associates (24.65%; 0%)
|
|
|
13,817
|
Goodwill
|
|
|
-
|
Carrying value
|
|
|
13,817
|
|
£’000
|
Cash
|
213
|
Payment for deposits
|
668
|
Cancellation of prepayment and deposits
|
4,656
|
Total consideration
|
5,537
|
|
£’000
|
Cash
and cash equivalents
|
4
|
Property, plant and equipment (Note 11)
|
10,779
|
Trade and other receivables
|
387
|
Trade and other payables
|
(326)
|
Property mortgages
|
(5,010)
|
Lease liability
|
(377)
|
Goodwill
|
80
|
Total
|
5,537
|
Group
|
Right of use Assets
|
Office Equipment
|
Mining and Computer Equipment
|
Assets Under Construction
|
Leasehold
Improvements
|
Data centres
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
£’000
|
Cost
|
|
|
|
|
|
|
|
At 1
January 2021
|
7,379
|
|
17,865
|
-
|
85
|
-
|
25,329
|
|
|
|
|
|
|
|
|
Foreign
exchange movement
|
-
|
-
|
(62)
|
-
|
-
|
-
|
(62)
|
Acquisition
through business combination
|
358
|
-
|
-
|
12,180
|
-
|
10,466
|
23,004
|
Additions
|
-
|
49
|
33,317
|
49,126
|
-
|
-
|
82,492
|
Transfer
to another class
|
(7,379)
|
-
|
7,379
|
-
|
|
-
|
-
|
At 31
December 2021
|
358
|
49
|
58,499
|
61,306
|
85
|
10,466
|
130,763
|
|
|
|
|
|
|
|
|
Depreciation and impairment
|
|
|
|
|
|
|
|
At 1
January 2021
|
-
|
-
|
7,443
|
-
|
48
|
-
|
7,491
|
Foreign
exchange movement
|
-
|
-
|
(65)
|
-
|
-
|
-
|
(65)
|
Depreciation
charged during the period
|
3,281
|
-
|
7,856
|
-
|
17
|
229
|
11,383
|
Transfer
to another class
|
(3,273)
|
-
|
3,273
|
-
|
-
|
-
|
-
|
At 30
December 2021
|
8
|
-
|
18,507
|
-
|
65
|
229
|
18,810
|
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 1
January 2021
|
7,379
|
|
10,487
|
-
|
-
|
-
|
17,904
|
At 31 December 2021
|
350
|
49
|
39,992
|
61,306
|
20
|
10,237
|
111,954
|
|
|
|
|
|
|
|
|
Group
|
Right of use Assets
|
Mining and Computer Equipment
|
Data centres including improvement
|
Total
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Cost
|
|
|
|
|
At 1
January 2020
|
-
|
17,833
|
85
|
17,918
|
|
|
|
|
|
Foreign
exchange movement
|
-
|
(136)
|
-
|
(136)
|
Additions
|
7,379
|
1,808
|
-
|
9,187
|
Disposals
|
-
|
(1,640)
|
-
|
(1,640)
|
At 31
December 2020
|
7,379
|
17,865
|
85
|
25,329
|
|
|
|
|
|
Depreciation and impairment
|
|
|
|
|
At 1
January 2020
|
-
|
2,488
|
31
|
2,519
|
Foreign
exchange movement
|
-
|
15
|
-
|
15
|
Depreciation
charged during the period
|
-
|
5,896
|
17
|
5,913
|
Depreciation
on Disposals
|
-
|
(1,021)
|
-
|
(1,021)
|
At 31
December 2020
|
|
7,377
|
48
|
7,425
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
At 1
January 2020
|
-
|
15,345
|
54
|
15,399
|
At 31 December 2020
|
7,379
|
10,487
|
37
|
17,904
|
|
|
|
|
£’000
|
Share based payment
|
3,521
|
Contingent consideration to be settled in shares
|
8,659
|
Total
|
12,180
|
|
|
|
As at 31 December 2021
|
As at 31 December 2020
|
|
|
|
|
|
|
|
|
£’000
|
£’000
|
Deposits
|
|
|
|
|
Brought
forward
|
|
|
4,115
|
4,151
|
Exchange
movement
|
|
|
-
|
(36)
|
Cancelled
on acquisition of GPUone subsidiaries
|
|
|
(4,115)
|
-
|
Total carrying amount of other receivables
|
|
|
-
|
4,115
|
|
|
Group
2021
|
Company
2021
|
Group
2020
|
Company
2020
|
|
|
|
|
|
|
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Prepayments
and other receivables
|
|
13,194
|
8,008
|
812
|
108
|
Mining
equipment prepayments
|
|
47,426
|
-
|
-
|
-
|
Other
taxation and social security
|
|
2,739
|
590
|
1,364
|
78
|
Total trade and other receivables
|
|
63,359
|
8,598
|
2,176
|
186
|
|
|
Company
2021
|
Company
2020
|
|
|
£’000
|
£’000
|
Amounts
due from group companies
|
|
175,859
|
22,876
|
Group
|
|
|
|
|
|
|
|
2021
£’000
|
2020
£’000
|
At 1 January
|
|
|
4,637
|
1,041
|
|
|
|
|
|
Additions
|
|
|
|
|
Crypto assets purchased and received
|
|
|
16,569
|
9,897
|
Crypto assets mined
|
|
|
70,325
|
18,948
|
Total additions
|
|
|
86,894
|
28,845
|
|
|
|
|
|
Disposals
|
|
|
|
|
Crypto assets sold
|
|
|
(12,400)
|
(27,318)
|
Total disposals
|
|
|
(12,400)
|
(27,318)
|
|
|
|
|
|
Fair value movements
|
|
|
|
|
Gain/(loss) on crypto asset sales
|
|
|
437
|
(14)
|
Movements on crypto assets held at the year end
|
|
|
1,191
|
2,083
|
Total fair value movements
|
|
|
1,628
|
2,069
|
|
|
|
|
|
At 31 December
|
|
|
80,759
|
4,637
|
|
|
|
|
|
Carrying value of digital assets pledged as collateral
|
|
|
49,759
|
-
|
As at 31 December 2020 (audited)
|
|
|
|
Crypto asset name
|
|
Coins/tokens
|
Fair value
£000
|
Bitcoin - BTC
|
|
183
|
3,930
|
Polkadot – DOT
|
|
75,000
|
515
|
Ethereum - ETH
|
|
254
|
138
|
Binance Coin - BNB
|
|
1,243
|
34
|
USDT,USDC & Tether (stable coin – fixed to
USD)
|
|
26,509
|
19
|
Alternative coins
|
|
-
|
1
|
At 31 December 2020
|
|
|
4,637
|
Options/ Warrants
|
Grant Date
|
Expiry date
|
Exercise Price
|
Number of options/warrants outstanding 2021 ‘000
|
Number of options/warrants exercisable 2021 ‘000
|
Warrants
|
15
January 2021
|
15
January 2031
|
£1.25
|
240
|
240
|
Warrants
|
19
April 2021
|
19
March 2024
|
£1.35
|
224
|
149
|
Warrants
|
19
January 2021
|
18
January 2026
|
£0.87
|
110
|
110
|
Warrants
|
17 June
2021
|
1 March
2024
|
£1.50
|
22
|
22
|
Options
|
25 July
2018
|
25 July
2024
|
£0.16
|
1,000
|
1,000
|
Options
|
17 July
2019
|
16 July
2024
|
£0.16
|
537
|
357
|
Options
|
5
February 2020
|
4
February 2030
|
£0.07
|
2,254
|
1,937
|
Options
|
5
February 2020
|
4
February 2030
|
£0.07
|
3,700
|
3,463
|
Options
|
3
February 2021
|
2
February 2031
|
£0.94
|
232
|
106
|
Options
|
27 June
2021
|
26 June
2031
|
£1.35
|
500
|
83
|
Options
|
24 June
2021
|
23 June
2031
|
£1.26
|
1,000
|
167
|
Options
|
1 July
2021
|
30 June
2031
|
£1.16
|
500
|
83
|
Options
|
13 July
2021
|
12 July
2031
|
£1.00
|
1,000
|
167
|
Options
|
22
September 2021
|
22
September 2031
|
£1.57
|
5,000
|
479
|
Options
|
17
December 2021
|
16
December 2031
|
£0.86
|
870
|
12
|
Options
|
23
November 2021
|
23
November 2031
|
£1.30
|
500
|
14
|
|
|
|
|
17,689
|
8,389
|
|
Number of options and warrants ‘000
|
Weighted average exercise price £
|
At 1
January 2021
|
42,202
|
0.13
|
Granted
|
10,698
|
1.63
|
Exercised
|
(34,351)
|
0.12
|
Lapsed
|
(860)
|
0.95
|
Outstanding
at 31 December 2021
|
17,689
|
0.81
|
Exercisable
at 31 December 2021
|
7,596
|
0.26
|
|
Number of options and warrants ‘000
|
Weighted average exercise price £
|
At 1
January 2020
|
45,037
|
0.14
|
Granted
|
11,400
|
0.07
|
Exercised
|
(9,686)
|
0.16
|
Lapsed
|
(5,549)
|
0.16
|
Outstanding
at 31 December 2020
|
41,202
|
0.13
|
Exercisable
at 31 December 2020
|
34,439
|
0.13
|
Grant date
|
Grant date share price
|
Exercise price
|
Volatility
|
Life
|
Risk Free interest rate %
|
Marketability discount
|
25 July 2018
|
0.08
|
0.16
|
40%
|
6 years
|
0.01
|
75%
|
17 July 2019
|
0.09
|
0.16
|
40%
|
6 years
|
0.01
|
90%
|
5 February 2020
|
0.07
|
0.07
|
40%
|
6 years
|
0.01
|
0%
|
15 January 2021
|
1.07
|
1.25
|
112%
|
10 years
|
0.01
|
0%
|
19 January 2021
|
0.94
|
0.87
|
112%
|
5 years
|
0.01
|
0%
|
3 February 2021
|
0.94
|
0.94
|
112%
|
10 years
|
0.01
|
0%
|
19 April 2021
|
1.35
|
1.35
|
112%
|
3 years
|
0.01
|
0%
|
17 June 2021
|
1.35
|
1.50
|
112%
|
3 years
|
0.01
|
0%
|
24 June 2021
|
1.26
|
1.26
|
112%
|
10 years
|
0.01
|
0%
|
27 June 2021
|
1.35
|
1.35
|
112%
|
10 years
|
0.01
|
0%
|
1 July 2021
|
1.23
|
1.16
|
112%
|
10 years
|
0.01
|
0%
|
13 July 2021
|
1.00
|
1.00
|
112%
|
10 years
|
0.01
|
0%
|
22 September 2021
|
1.57
|
1.57
|
112%
|
10 years
|
0.01
|
0%
|
23 November 2021
|
1.30
|
1.30
|
112%
|
10 years
|
0.01
|
0%
|
|
|
As at 31 December
2021
|
As at 31 December 2020
|
|
|
£’000
|
£’000
|
Ordinary share capital
|
|
|
|
Issued and fully paid
|
|
|
|
303,435,997
Ordinary Shares of £0.001 each
|
|
303
|
294
|
Issued in the period
|
|
|
|
164,646,338
Ordinary Shares of £0.001 each
|
|
165
|
-
|
Fully paid not yet issued
|
|
|
|
Ordinary
Shares of £0.001 each
|
|
-
|
9
|
468,082,335
Ordinary Shares of £0.001 each
|
|
468
|
303
|
|
|
|
|
Share premium
|
|
|
|
At
beginning of the period
|
|
1,540
|
25,252
|
Cancelled
during the period
|
|
-
|
(25,252)
|
Issued
in the period
|
|
150,977
|
-
|
Issue
costs
|
|
(12,936)
|
-
|
Fully
paid not yet issued
|
|
-
|
1,540
|
At the
end of period
|
|
139,581
|
1,540
|
|
|
|
|
|
Reserve
|
Description
|
Ordinary
Shares
|
Represents
the nominal value of equity shares
|
Share
Premium
|
Amount
subscribed for share capital in excess of nominal
value
|
Share
based payment reserve
|
Represents
the fair value of options and warrants granted less amounts
transferred on exercise, lapse or expiry
|
Currency
translation reserve
|
Cumulative
effects of translation of opening balances on non-monetary assets
between subsidiaries functional currencies (Canadian dollars and US
Dollars) and Group presentational currency (Sterling).
|
Fair
value reserve
|
Cumulative
net gains on the fair value of intangible assets
|
Other
comprehensive income of equity accounted associates
|
The
other comprehensive income of any associates is recognised in this
reserve
|
Accumulated
surplus
|
Cumulative
net gains and losses and other transactions with equity holders not
recognised elsewhere.
|
|
|
|
|
|
|
|
Group 2021
|
Company 2021
|
Group 2020
|
Company 2020
|
|
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Trade
payables
|
|
|
10,259
|
8,023
|
548
|
10
|
Accruals
and other payables
|
|
|
4,986
|
141
|
271
|
159
|
Short
term loans
|
|
|
-
|
-
|
116
|
-
|
Other
taxation and social security
|
|
|
-
|
-
|
1
|
1
|
Total trade and other creditors
|
|
|
15,245
|
8,164
|
936
|
170
|
|
|
|
||
Non-current liabilities
|
As at 31 December 2021
£’000
|
As at 31 December 2020
£’000
|
||
Issued
debt - bond
|
26,908
|
-
|
||
Assumed
mortgage on acquisition
|
3,391
|
-
|
||
Total
|
30,299
|
-
|
||
Current liabilities
|
|
|
||
Short
term loan
|
22,239
|
-
|
||
Assumed
mortgage on acquisition
|
1,152
|
-
|
||
Total
|
23,391
|
-
|
|
|
|
As at 31 December 2021
|
As at 31 December 2020
|
|
|
|
|
£’000
|
£’000
|
|
Lease
liability – current
|
|
|
7
|
3,470
|
|
Lease
liability – non current
|
|
|
370
|
3,910
|
|
Group
2021
|
Company
2021
|
Group
2020
|
Company
2020
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Carrying amount of financial assets
|
|
|
|
|
Measured
at amortised cost
|
|
|
|
|
-
Mining equipment
prepayments
|
47,426
|
-
|
-
|
-
|
-
Trade and other
receivables
|
13,194
|
183,867
|
145
|
22,949
|
-
Cash and cash
equivalents
|
11,803
|
126
|
2,051
|
1,456
|
Measured
at fair value through profit or loss
|
403
|
73
|
1,393
|
-
|
Total carrying amount of financial assets
|
72,826
|
184,066
|
3,589
|
24,405
|
|
|
|
|
|
Carrying amount of financial liabilities
|
|
|
|
|
Measured
at amortised cost
|
|
|
|
|
- Trade and other
payables
|
10,259
|
8,163
|
548
|
10
|
- Short term
loans
|
23,391
|
-
|
116
|
-
|
- Long term
loans
|
3,391
|
-
|
-
|
-
|
- Issued debt -
bonds
|
26,908
|
26,908
|
|
|
- Lease
liabilities
|
377
|
-
|
7,409
|
-
|
Measured at fair value
|
|
|
|
|
- Fair value of
contingent consideration
|
8,071
|
8,071
|
|
|
Total carrying amount of financial liabilities
|
72,397
|
43,142
|
8,073
|
10
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Financial
assets at fair value through profit or loss
|
|
|
|
|
|
- Equity
holdings
|
|
329
|
-
|
73
|
402
|
- Digital
assets
|
|
-
|
80,759
|
-
|
80,759
|
Total at 31 December 2021
|
|
329
|
80,759
|
73
|
81,161
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Financial
liabilities at fair value through profit or loss
|
|
|
|
|
|
- Deferred contingent
consideration
|
|
-
|
-
|
8,071
|
8,071
|
Total at 31 December 2021
|
|
-
|
-
|
8,071
|
8,071
|
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Assets
|
|
£’000
|
£’000
|
£’000
|
£’000
|
Financial
assets at fair value through profit or loss
|
|
|
|
|
|
Equity
holdings
|
|
-
|
-
|
1,393
|
1,393
|
Digital
assets
|
|
-
|
4,637
|
-
|
4,637
|
Total at 30 December 2020
|
|
-
|
4,637
|
1,393
|
6,030
|
Date:
27 04 2022
|
ARGO BLOCKCHAIN PLC
By:
Name:
Peter WallTitle: Chief Executive Officer
Name:
David ZapffeTitle: General Counsel
|
1 Year Argo Blockchain (PK) Chart |
1 Month Argo Blockchain (PK) Chart |
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