TIDMARB
RNS Number : 1200X
Argo Blockchain PLC
25 August 2022
Press Release
25 August 2022
Argo Blockchain plc
("Argo" or "the Group")
Interim Half Year Results 2022
Argo Blockchain plc, a global leader in cryptocurrency mining
(LSE: ARB; NASDAQ: ARBK), is pleased to announce its results for
the six months to 30 June 2022.
Financial Highlights
-- Total number of Bitcoin and Bitcoin Equivalent ("BTC") mined
during H1 2022 was 939, a 6% increase over the BTC mined in H1
2021
-- Revenues of GBP26.7 million ($32.5 million), a decrease of
14% from H1 2021, driven primarily by a decrease in Bitcoin price
and an increase in the global hashrate and associated network
difficulty level
-- Adjusted EBITDA of GBP17.1 million ($20.9 million), a decrease of 28% from H1 2021
-- Mining margin of 71%, down from 81% in H1 2021. Similar to
revenue, this decrease is largely attributable to the decrease in
Bitcoin price and an increase in network difficulty
-- Pre-tax loss of GBP36.9 million ($44.9 million), driven
primarily by a non-cash reduction in the fair value of digital
currencies held on the balance sheet
-- Total number of BTC held at 30 June 2022 was 1,953, a 54%
increase from 1,268 BTC held at 30 June 2021
Operational Highlights
-- Energized Phase 1 of the Helios facility in Dickens County,
Texas and commenced mining operations on 5 May 2022
-- Increased hashrate capacity by 38% from 1.6 EH/s at the end
of 2021 to 2.2 EH/s at the end of July 2022
-- Obtained $26.7 million (GBP20.2 million) of financing from
NYDIG secured by certain electrical infrastructure equipment at
Helios
-- Obtained up to $70.6 million (GBP56.3 million) of additional
financing from NYDIG secured by certain Bitmain S19J Pro machines
at Helios
-- Executed an agreement with ePIC Blockchain Technologies to
purchase custom mining machines for use with Intel's Blockscale
ASIC chip
Post Period End
-- Strengthened balance sheet by reducing exposure on BTC-backed
loan with Galaxy Digital to GBP5.5 million ($6.7 million)
-- Completed swap agreement with Core Scientific for
approximately 10,000 S19J Pro machines, which completes the
strategic pivot to a self-hosted business model in which Argo owns
and operates its own machines and infrastructure
-- Released the Group's 2021 Sustainability Report and
maintained climate positive status by producing no Scope 1
emissions and offsetting all Scope 2 and Scope 3 emissions through
renewable energy credits and verifiable emissions reductions
Update to Mining Capacity Guidance
In response to current market conditions and to reduce near-term
capital intensity, the Group is updating its year end guidance for
hashrate capacity. The Group expects to achieve 3.2 EH/s of total
hashrate capacity by the end of 2022 and to increase capacity in Q1
2023 to 4.1 EH/s.
Peter Wall, CEO of Argo, said: "The delivery and installation of
the approximately 20,000 S19J Pro machines from Bitmain continues
to progress on schedule, and we still expect to have all of these
machines installed by October 2022. The revision to our hashrate
guidance reflects our current expectations for delivery and
deployment of the custom machines we are developing with ePIC
Blockchain Technologies ("ePIC") that utilize the Intel(R)
Blockscale(TM) ASIC chips. We have worked closely with ePIC and
Intel to modify the machine design to increase total mining
efficiency, which has delayed our expected deployment schedule.
Further, we are preserving our optionality by reducing our overall
capital spending on these machines as market conditions remain
volatile. We remain confident in the performance of the custom
machines and are excited to deploy them starting in Q1 2023."
Non-IFRS Measures
The following table shows a reconciliation of gross margin to
Bitcoin and Bitcoin Equivalent Mining Margin, the most directly
comparable IFRS measure, for the periods ended 30 June 2022 and 30
June 2021.
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
GBP'000 GBP'000
-------------------------------------------- ------------- -------------
Gross (loss)/profit (34,413) 14,533
Gross margin (129%) 47%
Depreciation of mining equipment 10,852 4,758
Change in fair value of digital currencies 36,025 6,407
Realised loss/(gain) on sale of digital
currencies 6,372 (219)
Non mining revenue - (1,148)
Mining Profit 18,836 24,331
-------------------------------------------- ------------- -------------
Bitcoin and Bitcoin Equivalent Mining
Margin 71% 81%
-------------------------------------------- ------------- -------------
The following table shows a reconciliation of Adjusted EBITDA to
net income, the most directly comparable IFRS measure, for the
periods ended 30 June 2022 and 30 June 2021.
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
GBP'000 GBP'000
-------------------------------------------- ------------- -------------
(Loss) / Profit after taxation (30,504) 7,214
Interest expense 3,477 411
Income tax (credit)/expense (6,386) 3,484
Depreciation/Amortisation 11,718 4,870
Share based payment 2,816 1,568
Change in fair value of digital currencies 36,025 6,407
Adjusted EBITDA 17,146 23,954
-------------------------------------------- ------------- -------------
Inside Information and Forward-Looking Statements
This announcement contains inside information and includes
forward-looking statements which reflect the Company's or, as
appropriate, the Directors' current views, interpretations, beliefs
or expectations with respect to the Company's financial
performance, business strategy and plans and objectives of
management for future operations. These statements include
forward-looking statements both with respect to the Company and the
sector and industry in which the Company operates. Statements which
include the words "expects", "intends", "plans", "believes",
"projects", "anticipates", "will", "targets", "aims", "may",
"would", "could", "continue", "estimate", "future", "opportunity",
"potential" or, in each case, their negatives, and similar
statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties because they relate to
events that may or may not occur in the future. Forward-looking
statements are not guarantees of future performance. Accordingly,
there are or will be important factors that could cause the
Company's actual results, prospects and performance to differ
materially from those indicated in these statements. In addition,
even if the Company's actual results, prospects and performance are
consistent with the forward-looking statements contained in this
document, those results may not be indicative of results in
subsequent periods. These forward-looking statements speak only as
of the date of this announcement. Subject to any obligations under
the Prospectus Regulation Rules, the Market Abuse Regulation, the
Listing Rules and the Disclosure and Transparency Rules and except
as required by the FCA, the London Stock Exchange, the City Code or
applicable law and regulations, the Company undertakes no
obligation publicly to update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise. For a more complete discussion of
factors that could cause our actual results to differ from those
described in this announcement, please refer to the filings that
Company makes from time to time with the United States Securities
and Exchange Commission and the United Kingdom Financial Conduct
Authority, including the section entitled "Risk Factors" in the
Company's Registration Statement on Form F-1.
For further information, please contact:
Argo Blockchain
Peter Wall via Tancredi +44 203 434
Chief Executive 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 +44 204 526 4581
jonathan@otcmarkets.com +44 7731 815 896
--------------------------
Tancredi Intelligent Communication
UK & Europe Media Relations
--------------------------
Emma Valgimigli
Fabio Galloni-Roversi Monaco +44 7727 180 873
Nasser Al-Sayed +44 7888 672 701
argoblock@tancredigroup.com +44 7915 033 739
--------------------------
About Argo:
Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK)
blockchain technology company focused on large-scale cryptocurrency
mining. With its flagship mining facility in Texas, and offices in
the US, Canada, and the UK, Argo's global, sustainable operations
are predominantly powered by renewable energy. In 2021, Argo became
the first climate positive cryptocurrency mining company, and a
signatory to the Crypto Climate Accord. Argo also participates in
several Web 3.0, DeFi and GameFi projects through its Argo Labs
division, further contributing to its business operations, as well
as the development of the cryptocurrency markets. For more
information, visit www.argoblockchain.com.
Interim Management Report
Argo entered 2022 with two clear goals: to complete Phase 1 of
the Group's Helios facility in Dickens County, Texas while
continuing to optimise the performance of its existing mining
fleet.
Argo is making significant progress towards the completion of
Phase 1 of Helios; on 5 May 2022, the Group energized the facility
and commenced mining operations. Argo commemorated this important
milestone with an inauguration ceremony attended by local, state,
and federal elected officials, as well as members of the local
community. Since then, the Group has continued to install new
machines and is on track to complete the installation of its order
of 20,000 S19 J Pro machines from Bitmain by October 2022.
Additionally, in July 2022, Argo completed its machine swap
agreement with Core Scientific, which included the installation of
an additional approximately 10,000 machines at Helios.
Upon completion of the machine swap agreement, the Group now
operates 100% of its owned machines and has no third-party hosting
arrangements. This is the culmination of the strategic pivot away
from hosting to a fully vertically-integrated business model that
began with the acquisition of two data centres in Quebec in early
2021. Being vertically-integrated will allow Argo's management to
have more operational control over its mining machines and drive
increased performance. Additionally, controlling operational
expenses will be critical as the next Bitcoin halving cycle takes
place in May 2024 and the Bitcoin block reward is reduced by
50%.
On the second goal, Argo is operating with a mining margin of
70% over the period, which is among the highest of the Group's
peers.
As the Group's fleet is upgraded to the newer and more efficient
S19J Pro machines, it continues to review the profitability and
performance of the older machines in its fleet. Post period end,
the Group completed a comprehensive review of its mining fleet and
removed 460 PH/s of non-operational mining capacity from its total
hashrate. This primarily comprises S17 and T17 machines, which
despite a higher rate of failure, have been profitable for the
Group with a total aggregate ROI in excess of 260%.
Argo is also making progress on the custom mining machine it is
developing in collaboration with ePIC Blockchain that is
specifically designed to utilize the Intel Blockscale ASIC chip.
Delivery and deployment of these machines is expected to take place
in the fourth quarter of 2022.
In January, the Group formally launched Argo Labs, its in-house
innovation arm established to identify opportunities within the
broader Web3 and blockchain ecosystem while supporting the
decentralization of various blockchain protocols. Argo allocated
approximately 10% of the Group's crypto assets in its "HODL" to
Argo Labs. Argo Labs is primarily focused on two key areas: network
participation and strategic diversification through the efficient
deployment of the Group's crypto treasury assets. Network
participation consists of providing infrastructure support, running
nodes and validators, and staking innovative projects. Efficient
deployment of the Group's crypto treasury assets includes, among
other things, supporting early-stage projects and participating in
decentralized finance (DeFi), as well as the NFT & metaverse
ecosystem, in each case in furtherance of the Group's general
business operations. By gaining exposure to the broader digital
asset ecosystem, Argo Labs will allow the Group to participate in
disruptive technologies and provide long-term value to its
shareholders.
Despite the overall market drawdown and the decrease in Bitcoin
price, the Group has been able to raise significant capital via
secured debt financing. In March 2022, Argo obtained GBP20.2
million ($26.7 million) of debt financing from NYDIG, the proceeds
of which were used to continue the build out of Helios. These
borrowings are secured by certain electrical infrastructure
equipment at the Helios facility. Additionally, in May 2022, Argo
announced another debt financing agreement with NYDIG for up to
GBP56.3 million ($70.6 million); these borrowings are secured by
certain S19J Pro mining machines located at Helios.
The Group is mindful of its carbon footprint and maintains a
strong focus on environmental sustainability. The Group's mining
facilities in Quebec are powered by hydroelectricity, and
operations in Texas are located in the Texas Panhandle where 85% of
the generation capacity comes from wind power. In 2021, the Group
signed the Crypto Climate Accord, committing to achieve net-zero
carbon emissions by 2030. In 2021, Argo reached this goal,
releasing a full climate strategy and becoming the first Bitcoin
mining company to announce climate positive status through its use
of renewable energy to power mining operations, and by offsetting
more scope 2 and 3 greenhouse gas emissions than it emitted in both
2020 and 2021. Additionally, Argo was a founding member of the
Bitcoin Mining Council, which educates the public on the increasing
amount of renewable energy used for Bitcoin mining. It also seeks
to improve reporting and increase the amount of data available on
the use of renewable energy within the sector.
Argo's operations in Quebec and Texas also promote
sustainability by helping to stabilize the electrical grid. In
Quebec, Argo participates in curtailment programs to lower
electricity usage during periods of extreme weather. In Texas, the
Helios facility will participate in demand response programs,
whereby it can reduce its electricity usage and increase
availability of power to the grid in times of peak demand. This
flexibility in electricity load has profound benefits for grid
stability and helps to ensure equilibrium between supply and
demand. This was demonstrated in July 2022 when Argo, along with
most large-scale Bitcoin miners in Texas, voluntarily shut down
operations in response to a conservation alert from ERCOT. Bitcoin
miners collectively curtailed over 1,000 MW of electricity demand,
which was then available during a time of intense heat and peak
electricity demand. This action enabled ERCOT to avoid implementing
rolling blackouts, which would have negatively impacted residential
and commercial electricity users across the state.
Having successfully energized the Helios facility and commenced
mining operations, the Group's strategic focus for the remainder of
2022 is to complete the build out of Phase 1 and lay the groundwork
for the development of future phases at Helios.
Outlook
While the first half of 2022 presented many challenges, I am
delighted with the progress that we have made in developing Helios
and positioning ourselves as a leader in the Bitcoin mining
industry. We designed and built a world-class Bitcoin mining
facility from the ground up, balancing prudent growth with a
volatile market. Furthermore, we continue to lead the industry with
our commitment to sustainability, and we were proud to publish the
Group's 2021 sustainability report which explains our climate
positive status.
As operations at Helios continue to ramp up, there are certain
milestones which will enable us to optimise our operations and
achieve greater efficiency. We are evaluating several opportunities
to execute a long-term, fixed price power purchase agreement (PPA),
which will lock in our electricity prices and reduce our exposure
to short term price fluctuations. Once the fixed price PPA is in
place, Helios will have more optionality to participate in the
demand response programs offered by ERCOT, which will further
reduce its overall electricity cost.
During the period, there has been a global macroeconomic
pullback as investors and central bankers grapple with inflation,
the war in Ukraine, and rising interest rates. These headwinds have
impacted all financial assets, including Bitcoin and the equity of
publicly traded Bitcoin miners.
Argo is well positioned to weather the current downturn with its
large and highly efficient mining infrastructure, runway for
growth, and experienced management team, which has successfully
navigated the Group through previous crypto winters. In response to
the challenging market environment, we have adjusted our treasury
management strategy. Throughout the period, we have been steadily
selling Bitcoin, utilizing derivatives to obtain a higher realized
price than simply selling into the market. In Q2 2022, we sold
Bitcoin at an average realized price of approximately $28,500,
realizing hedge gains in excess of $1,500 per Bitcoin. Proceeds
from these sales have been used for operating expenses, capital
expenditures, and to reduce exposure on our Bitcoin-backed
loan.
Despite the challenging economic environment in 2022, we
continue to focus on our strategic priority of completing Phase 1
of Helios and laying the groundwork to further scale
operations.
On behalf of the Board, I would like to thank all shareholders
and staff who share in Argo's mission of powering the world's most
innovative and sustainable blockchain infrastructure.
Onwards and upwards!
Peter Wall
CEO & Interim Executive Chairman
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Interim Report has been prepared in accordance with
International Accounting Standards 34, Interim Financial Reporting;
and
-- gives a true and fair view of the assets, liabilities,
financial position and profit/loss of the Group; and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
set of interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year.
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Peter Wall
CEO & Interim Executive Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
Note GBP'000 GBP'000
---------------------------------------------------------- ----- ------------- -------------
Revenues 5 26,700 31,086
Direct costs (18,716) (10,365)
Change in fair value of digital currencies 12 (42,397) (6,188)
Gross (loss) / profit (34,413) 14,533
---------------------------------------------------------- ----- ------------- -------------
Operating costs and expenses (9,846) (2,293)
Share based payment (2,816) (1,568)
Foreign exchange 10,265 437
Operating (loss) / profit (36,810) 11,109
---------------------------------------------------------- ----- ------------- -------------
Gain on settlement of contingent consideration 4,038 -
Gain on sale of investment 133 -
Fair value (loss) of investments (284) -
Finance cost (3,477) (411)
Equity accounted loss from associate (490) -
(Loss) / profit before taxation (36,890) 10,698
---------------------------------------------------------- ----- ------------- -------------
Income tax credit / (expense) 7 6,386 (3,484)
(Loss) / Profit after taxation (30,504) 7,214
---------------------------------------------------------- ----- ------------- -------------
Other comprehensive income
Items which may be subsequently reclassified
to profit or loss:
* Currency translation reserve
(4,413) (361)
* Equity accounted OCI from associate (8,318) -
(414) -
* Fair value loss on intangible digital assets
Total other comprehensive income,
net of tax (13,145) (361)
---------------------------------------------------------- ----- ------------- -------------
Total comprehensive income attributable
to the equity holders of the Company (43,649) 6,853
---------------------------------------------------------- ----- ------------- -------------
Earnings per share attributable to
equity owners (pence)
Basic earnings per share 6 (6.5p) 1.9p
Diluted earnings per share - restricted 6 (6.5p) 1.8p
The income statement has been prepared on the basis that all
operations are continuing operations.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at
30 June 2022 31 December
2021
(unaudited) (audited)
Note GBP'000 GBP'000
------------------------------------- ----- ------------- ------------
ASSETS
Non-current assets
Investments at fair value through
income and loss 135 403
Investments accounted for using the
equity method 8 5,009 13,817
Intangible fixed assets 9 3,602 5,604
Property, plant and equipment 10 157,795 111,604
Right of use assets 10 374 350
Total non-current assets 166,915 131,778
------------------------------------- ----- ------------- ------------
Current assets
Trade and other receivables 11 99,448 63,359
Digital assets 12 28,092 80,759
Cash and cash equivalents 9,210 11,803
Total current assets 136,750 155,921
------------------------------------- ----- ------------- ------------
Total assets 303,665 287,699
------------------------------------- ----- ------------- ------------
EQUITY AND LIABILITIES
Equity
Share capital 13 478 468
Share premium 13 143,752 139,581
Share based payment reserve 14 4,689 1,905
Currency translation reserve 14 (4,380) 33
Fair value reserve - 414
Other comprehensive (loss)/income
of equity accounted associate (1,747) 6,571
Accumulated surplus 14 22,366 52,838
------------------------------------- ----- ------------- ------------
Total equity 165,158 201,810
------------------------------------- ----- ------------- ------------
Current liabilities
Trade and other payables 15 17,633 15,245
Contingent consideration - 8,071
Loans and borrowings 16 44,716 23,391
Income tax 2,439 7,679
Deferred tax - 286
Lease liability 11 7
------------------------------------- ----- ------------- ------------
Total current liabilities 64,799 54,679
------------------------------------- ----- ------------- ------------
Non-current liabilities
Deferred tax 442 541
Issued debt - bond 16 32,892 26,908
Loans and borrowings 16 39,989 3,391
Lease liability 385 370
Total liabilities 138,507 85,889
------------------------------------- ----- ------------- ------------
Total equity and liabilities 303,665 287,699
------------------------------------- ----- ------------- ------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Currency Share Fair Other Accumulated Total
capital premium translation based value comprehensive surplus/
reserve payment reserve income of (deficit)
reserve associates
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- --------- ------------ --------- ---------- -------------- ------------ ---------
Balance at
1 January
2022 468 139,581 33 1,905 414 6,571 52,838 201,810
Total
comprehensive
profit for
the period:
Loss for the
period - - - - - - (30,504) (30,504)
Other
comprehensive
income - - (4,413) - (414) (8,318) - (13,145)
------------------ --------- --------- ------------ --------- ---------- -------------- ------------ ---------
Total
comprehensive
income for
the period - - (4,413) - (414) (8,318) (30,504) (43,649)
------------------ --------- --------- ------------ --------- ---------- -------------- ------------ ---------
Transactions
with equity
owners:
Stock based
compensation
charge - - - 2,816 - - - 2,816
Common stock
options/warrants
exercised 10 4,171 - (32) - - 32 4,181
Balance at
30 June 2022 478 143,752 (4,380) 4,689 - (1,747) 22,366 165,158
------------------ --------- --------- ------------ --------- ---------- -------------- ------------ ---------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Currency Share Accumulated Total
capital premium translation based payment surplus/
reserve reserve (deficit)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- ------------- --------------- ------------ --------
Balance at
1 January 2021 304 1,540 443 75 21,965 24,327
Total comprehensive
income for the
period:
Profit for the
period - - - - 7,214 7,214
Other comprehensive
income - - (361) - - (361)
--------------------- --------- --------- ------------- --------------- ------------ --------
Total comprehensive
income for the
period - - (361) - 7,214 6,853
--------------------- --------- --------- ------------- --------------- ------------ --------
Transactions
with equity
owners:
Common stock
to be issued* - 11 - - - 11
Issue of common
stock net of
issue costs 78 53,766 - - - 53,844
Stock based
compensation
charge - - - 1,568 - 1,568
Common stock
options/warrants
exercised - - - (568) 568 -
Common stock
options/warrants
lapsed/expired - - - (83) 83 -
--------------------- --------- --------- ------------- --------------- ------------ --------
Total transactions
with equity
owners 78 53,777 - 917 651 55,423
--------------------- --------- --------- ------------- --------------- ------------ --------
Balance at
30 June 2021 382 55,317 82 992 29,830 86,603
--------------------- --------- --------- ------------- --------------- ------------ --------
*Shares to be issued relate to share options exercised and paid
up pre period end, however the shares were formally issued post
period end.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
Note GBP'000 GBP'000
------------------------------------------------ ----- ------------- -------------
Cash flows from operating activities
(Loss) / profit before taxation (36,890) 10,698
Adjustments for:
Depreciation/Amortisation 11,718 4,870
Foreign exchange movements (10,266) 25
Finance cost 3,477 411
Fair value change in digital assets 36,025 -
through profit or loss
Investment fair value movement 284 -
Gain on investment (133) -
Impairment of intangible digital assets 3,009 -
Share of loss from associate 490 -
Gain on settlement of contingent consideration (4,038) -
Share based payment expense 2,816 1,568
Working capital changes:
(Increase) in trade and other receivables 11 (928) (2,095)
Increase in trade and other payables 15 2,388 15,246
Decrease/(increase) in digital assets 12 16,642 (28,351)
Net cash flow from operating activities 24,594 2,372
------------------------------------------------ ----- ------------- -------------
Investing activities
Acquisition of subsidiaries, net of
cash acquired - (272)
Proceeds from sale of investment 133 -
Investment in associate 8 - (7,353)
Other investments - (219)
Purchase of tangible fixed assets* 9 (49,243) (6,883)
Mining equipment prepayments (35,431) (35,471)
------------------------------------------------ ----- ------------- -------------
Net cash used in investing activities (84,541) (50,198)
------------------------------------------------ ----- ------------- -------------
Financing activities
Proceeds from borrowings 16 66,331 14,375
Lease payments (13) (1,734)
Loan repayments (8,393) -
Interest paid (3,477) (411)
Proceeds from shares issued 116 49,593
------------------------------------------------ ----- ------------- -------------
Net cash generated from financing
activities 54,564 61,823
------------------------------------------------ ----- ------------- -------------
Net (decrease)/increase in cash and
cash equivalents (5,383) 13,997
------------------------------------------------ ----- ------------- -------------
Effect of foreign exchange changes 2,790 -
in cash
Cash and cash equivalents at beginning
of period 11,803 2,051
Cash and cash equivalents at end of
period 9,210 16,048
------------------------------------------------ ----- ------------- -------------
Material non-cash movements:
*GBP7,277k of the machine additions were funded by the sale of
machines, as part of the Core Scientific swap deal arrangement
GBP1,648k purchase of intangible assets were acquired using
Bitcoin
GBP4,362k payment to Bitmain in respect of machine prepayments
paid in Bitcoin
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. COMPANY INFORMATION
Argo Blockchain PLC ("the company") is a public company, limited
by shares, and incorporated in England and Wales. The registered
office is 9th Floor, 16th Great Queen Street, London, England, WC2B
5DG. The company was incorporated on 5 December 2017 as GoSun
Blockchain Limited and changed its name to Argo Blockchain Limited
on 21 December 2017. Also on 21 December 2017, the company
re-registered as a public company, Argo Blockchain plc. Argo
Blockchain plc acquired a 100% subsidiary, Argo Innovation Labs
Inc. (together "the Group"), incorporated in Canada, on 12 January
2018.
On 4 March 2021 the Group acquired 100% of the share capital of
DPN LLC and was merged into new US entity Argo Innovation
Facilities (US) Inc (also 100% owned by Argo Blockchain plc).
On 11 May 2021 the Group acquired 100% of the share capital of
9377-2556 Quebec Inc and 9366-5230 Quebec Inc. These are held by
Argo Innovation Labs Inc. (Canada).
The principal activities of the group are that of crypto asset
mining and investing in crypto assets and non-fungible tokens.
The ordinary shares of the Group are listed under the trading
symbol ARB on the London Stock Exchange. The American Depositary
Receipt of the Group are listed under the trading symbol ARBK on
Nasdaq. The Group bond is listed on the Nasdaq Global Select Market
under the trading symbol ARBKL.
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements for the
six months ended 30 June 2022 have been prepared in accordance with
IAS 34 'Interim Financial Reporting' and presented in sterling.
They do not include all of the information required in annual
financial statements in accordance with IFRS, and should be read in
conjunction with the consolidated financial statements for the year
ended 31 December 2021, which have been prepared in accordance with
UK-adopted international accounting standards and International
Financial Reporting Standards as issued by the IASB. The report of
the auditors on those financial statements was unqualified.
The financial statements have been prepared under the historical
cost convention, except for the measurement to fair value certain
financial and digital assets and financial instruments.
Critical accounting judgements and key sources of estimation
uncertainty
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates. In preparing these
condensed consolidated interim financial statements, the
significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty
were the same as those that applied to the financial statements for
the year ended 31 December 2021.
3. ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of
these condensed consolidated interim financial statements are
consistent with those of the previous financial year except as set
out below.
Segmental reporting
The directors consider that the Group has only one significant
reporting segment being crypto mining which is fully earned by a
Canadian subsidiary.
Derivative financial instruments
The Group uses derivative financial instruments to hedge its
exposure to commodity risks (namely the price of Bitcoin) arising
from operating, financing and investing activities. The Group does
not hold or issue derivative financial instruments for trading
purposes.
Derivative financial instruments are recognised and stated at
fair value.
4. ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
The Group has adopted all recognition, measurement and
disclosure requirements of IFRS, including any new and revised
standards and Interpretations of IFRS, in effect for annual periods
commencing on or after 1 January 2022. The adoption of these
standards and amendments did not have any material impact on the
financial result of position of the Group.
Standards which are in issue but not yet effective:
At the date of authorisation of these financial statements, the
following Standards and Interpretation, which have not yet been
applied in these financial statements, were in issue but not yet
effective.
Standard Description Effective date for
or Interpretation annual accounting period
beginning on or after
------------------ -------------------------------------------- -------------------------
IAS 1 Amendments - Presentation and Classification 1 January 2023
of Liabilities as Current or Non-current
IAS 8 Amendments - Definition of Accounting 1 January 2023
Estimates
The Group has not early adopted any of the above standards and
intends to adopt them when they become effective.
5. REVENUES
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
GBP'000 GBP'000
------------------------------------ -------------- --------------
Crypto currency mining - worldwide 26,700 29,937
Crypto currency management fees -
United States - 1,148
Total revenue 26,700 31,085
------------------------------------ -------------- --------------
Due to the nature of Crypto currency mining, it is not possible
to provide a geographical split of the revenue stream.
Crypto currency mining revenues are recognised at a point in
time.
Crypto currency management fees are services recognised over
time.
6. EARNINGS PER SHARE
The basic earnings per share is calculated by dividing the
profit attributable to equity shareholders by the weighted average
number of shares in issue.
Period Period
ended ended
30 June 30 June
2022 (unaudited) 2021 (unaudited)
Net (loss)/profit for the period attributable
to ordinary equity holders from continuing
operations (GBP000) (30,504) 7,214
Weighted average number of ordinary shares
in issue 469,182,463 381,832,335
Basic earnings per share for continuing operations
(pence) (6.5) 1.9
---------------------------------------------------- ------------------ ------------------
Net (loss)/profit for the period attributable
to ordinary equity holders for continuing
operations (GBP000) (30,504) 7,214
Diluted number of ordinary shares in issue 475,067,159 393,091,232
---------------------------------------------------- ------------------ ------------------
Diluted earnings per share for continuing
operations (pence) - restricted (6.5) 1.8
---------------------------------------------------- ------------------ ------------------
The Group has in issue 18,396,397 warrants and options at 30 June
2022 (2021: 11,258,897).
7. TAXATION
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
GBP'000 GBP'000
--------------------------------------- -------------- --------------
Income tax (credit)/expense - foreign
tax (6,000) 3,484
Deferred tax (credit)/expense (386) -
--------------------------------------- -------------- --------------
Taxation charge in the financial
statements (6,386) 3,484
--------------------------------------- -------------- --------------
No deferred tax asset has been recognised in respect of UK tax
losses carried forward on the basis that there is insufficient
certainty over the level of future profits to utilise against this
amount.
Income tax expense
The 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:
Period ended Period ended
30 June 2022 30 June 2021
(unaudited) (unaudited)
GBP'000 GBP'000
(Loss)/Profit before taxation (36,890) 10,698
---------------------------------------- -------------- --------------
Expected tax (credit)/charge based
on a weighted average of 25% (2020
- 24%) (UK, US and Canada) (16,404) 2,568
Effect of expenses not deductible
in determining taxable profit 40 32
Capital allowances in excess of
depreciation (5,589) 323
Other tax adjustments 11,588 1,838
Losses utilised re prior years* (7,005) (1,790)
Origination and reversal of temporary
differences 3,936 256
Unutilised tax losses carried forward 7,048 257
Taxation (credit)/charge in the
financial statements (6,386) 3,484
---------------------------------------- -------------- --------------
*During the period the tax charge in respect of the year ended
31 December 2021 in respect of the taxable charge for Argo
Innovation Labs Inc was finalised and it was agreed losses
previously not accepted as deductible were deductible and as a
result the liability for that year was reduced.
8. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Period ended Year ended
30 June 2022 31 December
(unaudited) 2021 (audited)
GBP'000 GBP'000
------------------------------------------------ -------------- ----------------
Opening balance 13,817 -
Acquired during the period - 8,444
Share of loss (490) (1,198)
Share of fair value (loss) /gain on
intangible assets through other comprehensive
income (8,318) 6,571
------------------------------------------------ -------------- ----------------
Total Associates 5,009 13,817
------------------------------------------------ -------------- ----------------
Set out below are the associates of the Group as at 30 June
2022, which, in the opinion of the Directors, significant influence
is held. The associate as listed below has share capital consisting
solely of ordinary shares, which are held directly by the Group.
The country of incorporation or registration is also their
principal place of business.
Nature of investment in associates 2022 and 2021:
Name of entity Address of the % of ownership Nature of Measurement
registered office interest relationship method
Pluto Digital Hill Dickinson 24.65% Refer below Equity
PLC LLP, 8th Floor
The Broadgate
Tower, 20 Primrose
Street, London,
United Kingdom,
EC2A 2EW
On 3 February 2021 Argo invested in Pluto Digital PLC ("Pluto"),
a crypto venture capital and technology company. The investment was
satisfied with 75,000 Polkadot with a fair value at that date of
GBP1,091,850. Further to this in a second round of funding the
Group invested an additional GBP7,352,970 on 8 March 2021.
Argo owns 24.65% of the total share capital and voting rights of
the business and is entitled to nominate one director to the Pluto
Board of Directors.
Pluto is a crypto technology company that connects Web 3.0
decentralised technologies to the global economy. Pluto identifies
key emerging areas and projects in the crypto sphere, then deploys
its business, networks and technical expertise to create value for
crypto partners, projects and Pluto shareholders.
Pluto incubates and advises digital asset projects based on
decentralised technologies, decentralised finance and networks such
as Ethereum and Polkadot. Additionally, Pluto supports the
operation of proof-of-stake networks by staking and operating
validator nodes. Pluto represents a strategic partnership for the
Group as it diversifies its activities in the crypto space.
Pluto Digital PLC is an unlisted company and there is no quoted
market price available for its shares.
There are no contingent liabilities relating to the Group's
interest in the associates.
Summarised financial information for associates
Set out below is the summarised financial information for Pluto
Digital plc which is accounted for using the equity method.
Pluto Digital plc
As at 30 June
2022
GBP000's
------------ ------------------
Net assets 18,033
-------------- ------------------
Summarised Statement of Comprehensive Income, Pluto Digital
plc
Period ended June 2022
GBP000's
--------------------------------- -----------------------
Loss from continuing operations (3,046)
Interest expense, net of
income (179)
Income tax expense 1,240
----------------------------------- -----------------------
Post-tax loss from continuing
operations (1,985)
Other comprehensive loss (33,736)
Total comprehensive Income (35,721)
----------------------------------- -----------------------
The information above reflects the amounts presented in the
management accounts of the associate (and not Argo Blockchain Plc's
share of those amounts) adjusted for differences in accounting
policies between the Group and the associate.
9. INTANGIBLE FIXED ASSETS NOTE
Group Goodwill Digital Website 2022 Total
assets
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------------- ------------- ----------- -----------
Cost
At 1 January
2022 80 5,424 671 6,175
Additions - 5,841 - 5,841
Disposals - (4,087) - (4,087)
At 30 June 2022 80 7,178 671 7,929
------------------------------------------------ ----------------- ------------- ----------- -----------
Amortisation
and impairment
At 1 January - 121 450 571
Foreign exchange movement 35 204 23 262
Impairment - 3,009 - 3,009
Fair value loss/(gain) - 413 - 413
Amortisation charged during
the period - - 72 72
At 30 June 2022 35 3,747 545 4,327
------------------------------------------------ ----------------- ------------- ----------- -----------
Balance At 30 June 2022 45 3,431 126 3,602
Digital assets are cryptocurrencies not mined by the Group. The
Group held crypto assets during the year, which are recorded
at cost on the day of acquisition. Movements in fair value between
acquisition (date mined) and disposal (date sold), and the movement
in fair value in crypto assets held at the year end, impairment
of the intangible assets and any increase in fair value are recorded
in the fair value reserve.
The digital assets held below are held in Argo Labs (a division
of the Group) as discussed above. The assets are all held in
secure custodian wallets controlled by the Group team and not
by individuals within the Argo Labs team.
The assets detailed below are all accessible and liquid in nature.
Those assets (immaterial in total) held longer term are inaccessible
for a period of time have been valued either at cost or GBPnil
depending upon the information available as at the year end.
As at 30 June 2022 Coins/tokens Fair value
Crypto asset name GBP'000
------------------------------------------------------------------- ------------- -----------
Polkadot - DOT 120,886 693
Ethereum - ETH 605 526
Solana - SOL 9,365 256
Cosmos Hub - ATOM 27,938 183
ASTRA - 112
Alternative coins - 1,661
At 30 June 2022 3,431
------------------------------------------------------------------- ------------- -----------
10. TANGIBLE FIXED ASSETS
Group Right Office Mining Assets Under Leasehold Data Motor Total
of use Equipment and Construction Improvements centres vehicles
Assets Computer
Equipment
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
Cost
At 1 January
2022 358 49 58,499 61,306 85 10,466 - 130,763
Foreign
exchange
movement 32 - 2,476 6,805 8 975 - 10,296
Additions - 27 41,353 6,344 1 8,742 53 56,520
Disposals - - (12,340) - - - - (12,340)
Transfer to
another
class - - - (74,455) - 74,455 - -
At 30 June
2022 390 76 89,988 - 94 94,638 53 185,239
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
Depreciation
and
impairment
At 1 January
2022 8 - 18,507 - 65 229 18,809
Foreign
exchange
movement - - 1,612 - 6 59 - 1,677
On disposals - - (5,063) - - - - (5,063)
Depreciation
charged
during
the period 8 5 10,839 - 10 782 2 11,646
At 30 June
2022 16 5 25,895 - 81 1,070 2 27,069
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
Carrying
amount
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
At 1 January
2022 350 49 39,992 61,306 20 10,237 111,954
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
At 30 June
2022 374 71 64,093 - 13 93,568 51 158,170
-------------- -------- ---------- ---------- ----------------- ------------- --------- ---------- ---------
Note: on the face of the balance sheet the Right of Use assets
are disclosed as a separate line but have been aggregated with
other fixed assets above.
11. TRADE AND OTHER RECEIVABLES
As at As at 31 December
30 June 2022 2021 (audited)
(unaudited)
GBP'000 GBP'000
------------------------------------ -------------- ------------------
Mining equipment prepayments 82,587 47,426
Hedging instrument 1,608 -
Prepayments and other receivables 12,233 13,194
Other taxation and social security 3,020 2,739
Total trade and other receivables 99,448 63,359
------------------------------------ -------------- ------------------
Mining equipment prepayments consist of payments made and due on
mining equipment due to arrive by the end of 2022. Payments to ePIC
ASIC Asia Limited ("ePIC") comprise GBP4.1m, Intel of GBP15.1m and
the balance of GBP63.4m was paid to Bitmain in advance of machine
purchases to be received after the period end.
Other taxation and social security consist of purchase tax
recoverable in the UK and Canada. GST and QST debtors are greater
than 90 days as at 30 June 2022.
The directors consider that the carrying amount of trade and
other receivables is equal to their fair value.
12. DIGITAL ASSETS
Group Period ended Year ended
31 December
2021
30 June 2022 (audited)
(unaudited) GBP'000
GBP'000
---------------------------------------- --------------- ---------------
At 1 January 2022 and 2021 80,759 4.637
Additions
Crypto assets mined 26,700 70,325
Crypto asset purchased and received - 16,569
---------------------------------------- --------------- ---------------
Total additions 26,700 86.894
Disposals
Crypto assets sold (34,069) (12,400)
---------------------------------------- --------------- ---------------
Total disposals (34,069) (12,400)
Fair value movements
Foreign exchange (2,901) -
Gain/(loss) on crypto asset sales (6,372) 437
Movements on crypto assets held at
the period end (36,025) 1,191
---------------------------------------- --------------- ---------------
Total fair value movements (45,298) 1,628
At 30 June 2022 & 31 December 2021 28,092 80,759
---------------------------------------- --------------- ---------------
The Group mined crypto assets during the period, which are
recorded at fair value on the day of acquisition. Movements in fair
value between acquisition (date mined) and disposal (date sold),
and the movement in fair value in crypto assets held at the year
end, are recorded in profit or loss. The Group has used 1,178 as at
30 June 2022 and 1,504 Bitcoin as at 31 December 2021 as collateral
for a loan.
As at 30 June 2022 and 31 December 2021 the above digital assets
solely comprised 1,742 and 2,441 Bitcoin respectively.
13. ORDINARY SHARES
As at As at
30 June 2022 31 December
(unaudited) 2021 (audited)
GBP'000 GBP'000
-------------------------------------------------------- ------------------- ----------------
Ordinary share capital
Issued and fully paid
468,082,335 Ordinary Shares of GBP0.001
each 468 303
Issued in the period
9,742,831 Ordinary Shares of GBP0.001
each 10 165
477,825,166 Ordinary Shares of GBP0.001
each 478 468
--------------------------------------------------------- ------------------- ----------------
Share premium
-------------------------------------------------------- ------------------- ----------------
At beginning of the period 139,581 1,540
Issued in the period 4,171 150,977
Issue Costs - (12,936)
At the end of period 143,752 139,581
--------------------------------------------------------- ------------------- ----------------
Acquisition of DPN LLC
The acquisition of DPN LLC, effectively comprising the land acquisition
in west Texas, has been treated as an asset acquisition in these
condensed consolidated financial statements. In June 2022, the
Company settled the contingent consideration by issuing 8,147,831
new Ordinary Shares credited as fully paid at a price per share
of GBP0.495.
14. RESERVES
The following describes the nature and purpose of each
reserve:
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 Represents the fair value of options and warrants
granted less amounts transferred on exercise,
lapse or expiry
Foreign currency Cumulative effects of translation of opening
translation reserve balances on non-monetary assets between subsidiary
functional currency (Canadian dollars) and Group
functional and presentational currency (Sterling).
Fair value reserve Cumulative net gains on the fair value of intangible
assets
Other comprehensive The other comprehensive income of any associates
income of equity is recognised in this reserve
accounted associates
Accumulated surplus Cumulative net gains and losses and other transactions
with equity holders not recognised elsewhere.
15. TRADE AND OTHER PAYABLES
As at As at
30 June 2022 31 December 2021
(unaudited) (audited)
GBP'000 GBP'000
--------------------------------- -------------- ------------------
Trade payables 12,531 10,259
Accruals and other payables 5,102 4,986
Total trade and other creditors 17,633 15,245
--------------------------------- -------------- ------------------
Within trade payables is GBP2.2m (2021: GBP10.8m) for amounts
due for mining machines not yet received.
The directors consider that the carrying value of trade and
other payables is equal to their fair value.
16. LOANS AND BORROWINGS
Non-current liabilities As at As at
30 June 2022 31 December
(unaudited) 2021 (audited)
GBP'000 GBP'000
--------------------------------- -------------- ----------------
Issued debt - bond 32,892 26,908
Long term loans 37,081 -
Assumed mortgage on acquisition 2,908 3,391
Total 72,881 30,299
--------------------------------- -------------- ----------------
Current liabilities
--------------------------------- -------------- ----------------
Short term loans 43,876 22,239
Assumed mortgage on acquisition 840 1,152
--------------------------------- -------------- ----------------
Total 44,716 23,391
--------------------------------- -------------- ----------------
The mortgages are secured against the two buildings at Mirabel
and Baie Comeau and are repayable over periods from 52 months to 58
months at an interest rate of lender prime + 0.6%.
The Company entered into several loans to acquire mining
equipment for the Helios facility in Texas. The loans are secured
by the financed mining equipment. The loans have terms from 2 years
to 4 years and interest rates from 8.25% to 12%.
17. FINANCIAL INSTRUMENTS
As at As at
30 June 2022 31 December 2021
(unaudited) (audited)
GBP'000 GBP'000
------------------------------------------ -------------- ------------------
Carrying amount of financial assets
Measured at amortised cost
82,587 47,426
* Mining equipment prepayments 5,496 13,194
* Trade and other receivables
* Cash and cash equivalents 9,210 11,803
Measured at fair value through profit
or loss 1,608 403
Total carrying amount of financial
assets 98,901 72,826
------------------------------------------ -------------- ------------------
Carrying amount of financial liabilities
Measured at amortised cost
* Trade and other payables 17,633 10,259
* Short term loans 44,716 23,391
39,989 3,391
* Long term loans 32,892 26,908
* Issued Debt - bonds
* Lease liabilities 398 377
Measured at fair value through profit
or loss - 8,071
Total carrying amount of financial
liabilities 135,628 72,397
------------------------------------------ -------------- ------------------
Fair Value Estimation
Fair value measurements are disclosed according to the following
fair value measurement hierarchy:
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1)
- Inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (that
is, as prices), or indirectly (that is, derived from prices) (Level
2)
- Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (Level 3).
This is the case for unlisted equity securities.
The following table presents the Group's assets and liabilities
that are measured at fair value at 30 June 2022 and 31 December
2021.
Level 1 Level 2 Level 3 Total
Assets GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ -------- -------- -------- --------
Financial assets at fair - - - -
value through profit or
loss
Equity holdings 60 - 74 134
Hedging instruments 1,608 - - 1,608
Intangible assets - crypto
assets - 3,431 - 3,431
Digital assets - 28,092 26,092
Total at 30 June 2022 1,668 31,523 74 33,265
------------------------------------ -------- -------- -------- --------
Level 1 Level 2 Level 3 Total
Assets GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ -------- -------- -------- --------
Financial assets at fair - - - -
value through profit or
loss
Equity holdings 329 - 73 402
Hedging instruments - - - -
Intangible assets - crypto
assets - 5,424 - 5,424
Digital assets - 80,759 80,759
Total at 31 December 2021 329 86,183 73 86,585
------------------------------------ -------- -------- -------- --------
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
------------------------------------ -------- -------- -------- --------
All financial assets are in listed/unlisted securities and
digital assets.
There were no transfers between levels during the period.
The Group recognises the fair value of financial assets at fair
value through profit or loss relating to unlisted investments at
the cost of investment unless:
- There has been a specific change in the circumstances which,
in the Group's opinion, has permanently impaired the value of the
financial asset. The asset will be written down to the impaired
value;
- There has been a significant change in the performance of the
investee compared with budgets, plans or milestones;
- There has been a change in expectation that the investee's
technical product milestones will be achieved or a change in the
economic environment in which the investee operates;
- There has been an equity transaction, subsequent to the
Group's investment, which crystallises a valuation for the
financial asset which is different to the valuation at which the
Group invested. The asset's value will be adjusted to reflect this
revised valuation; or
- An independently prepared valuation report exists for the
investee within close proximity to the reporting date.
18. COMMITMENTS
The Group's material contractual commitments relate to the
master services agreement with Core Scientific, which provides
hosting, power and support services. This terminates shortly after
the period end once the machine swap deal is complete.
19. RELATED PARTY TRANSACTIONS
Key management compensation - all amounts in GBP000's
Key management includes Directors (executive and non-executive)
and senior management. The compensation paid to related parties in
respect of key management for employee services during the period
was made only from Argo Innovation Labs Inc, amounting to: GBP20k
(2021 - GBP18k) paid to POMA Enterprises Limited in respect of fees
of Matthew Shaw (Non-executive director); GBP142k (2021 - GBP106k)
paid to Vernon Blockchain Inc in respect of fees of Peter Wall
(CEO); GBPnil (2021 - GBP68k) paid to Tenuous Holdings Ltd in
respect of fees of Ian MacLeod (ex Executive chairman). During the
period, James Savage (ex NED) was remunerated a gross salary of
GBPnil (2021 - GBP15k), Marco D'Attanasio was remunerated gross
fees of GBPnil (2021 - GBP15k) and Alex Appleton (CFO) through
Appleton Business Advisors Limited was paid GBP97k (2021 - GBP60k)
during the period.
Total director fees and remuneration, paid directly and
indirectly, totalled GBP313k (2021: GBP221k).
20. CONTROLLING PARTY
There is no controlling party of the Group.
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END
IR EALPLAAEAEFA
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