Form 20-F ☒ |
Form 40-F ☐
|
Exhibit No.
1
|
Description
Argo 1st Quarter Results dated 23 May 2024
|
Figures in '000 except per share
|
Three Months Ended March31, 2024
|
Three Months Ended March 31, 2023
|
$
|
$
| |
Revenues
|
16,840
|
11,264
|
Direct costs
|
(10,439)
|
(6,058)
|
Mining margin
|
6,401
|
5,206
|
Depreciation of mining equipment
|
(4,833)
|
(6,015)
|
Change in fair value of digital currencies
|
293
|
(77)
|
Gross profit (loss)
|
1,861
|
(886)
|
Operating costs and expenses
|
(3,152)
|
(3,558)
|
Restructuring and transaction related fees
|
(561)
|
(797)
|
Foreign exchange
|
192
|
634
|
Loss on hedging
|
(397)
|
-
|
Depreciation/amortisation
|
(232)
|
(319)
|
Share based compensation
|
(1,911)
|
(984)
|
Operating profit (loss)
|
(4,200)
|
(5,910)
|
Gain on sale of subsidiary (Mirabel)
|
3,397
|
-
|
Gain on disposal of fixed assets
|
75
|
-
|
Finance costs
|
(2,317)
|
(3,283)
|
Other income
|
230
|
1
|
Profit/(loss) before taxation
|
(2,815)
|
(9,192)
|
Tax credit / (expense)
|
(340)
|
-
|
Profit/(loss) after taxation
|
(3,155)
|
(9,192)
|
Other comprehensive income
| ||
Items which may be subsequently reclassified to profit or loss:
| ||
Currency translation reserve
|
728
|
(401)
|
Total other comprehensive income (loss), net of tax
|
728
|
(401)
|
Total comprehensive loss attributable to the equity holders of the Company
|
(2,426)
|
(9,593)
|
Earnings per share attributable to equity owners
| ||
Basic loss per share
|
$(0.01)
|
$(0.02)
|
Diluted loss per share
|
$(0.01)
|
$(0.02)
|
As at March 31,
2024
|
As at December 31,
2023
| ||
Figures in '000
|
$
|
$
| |
ASSETS
| |||
Non-current assets
| |||
Investments at fair value through profit or loss
|
400
|
400
| |
Investments accounted for using the equity method
|
-
|
-
| |
Intangible fixed assets
|
1,044
|
888
| |
Property, plant and equipment
|
53,771
|
59,728
| |
Right of use assets
|
-
|
-
| |
Total non-current assets
|
55,215
|
61,016
| |
Current assets
| |||
Cash and cash equivalents
|
12,444
|
7,443
| |
Trade and other receivables
|
2,214
|
3,835
| |
Assets held for sale
|
-
|
3,261
| |
Digital assets
|
810
|
385
| |
Total current assets
|
15,468
|
14,924
| |
Total assets
|
70,683
|
75,940
| |
EQUITY AND LIABILITIES
| |||
Equity
| |||
Share Capital
|
763
|
712
| |
Share Premium
|
219,522
|
209,779
| |
Share based payment reserve
|
12,680
|
11,844
| |
Currency translation reserve
|
(30,858)
|
(30,129)
| |
RSU/PSU Reserve
|
1,156
|
322
| |
Accumulated surplus / (deficit)
|
(195,525)
|
(192,370)
| |
Total equity
|
7,738
|
158
| |
Current liabilities
| |||
Trade and other payables
|
10,670
|
11,175
| |
Loans and borrowings
|
12,680
|
14,320
| |
Corporation Tax
|
449
|
-
| |
Liabilities associated with assets held for sale
|
-
|
2,090
| |
Total current liabilities
|
23,799
|
27,585
| |
Non-current liabilities
| |||
Issued debt - bond
|
38,346
|
38,170
| |
Loans
|
800
|
10,027
| |
Total liabilities
|
62,945
|
75,782
| |
Total equity and liabilities
|
70,683
|
75,940
|
Three Months Ended March 31,
2024
|
Three Months Ended March 31,
2023
| |
Figures in '000
|
$
|
$
|
Cash flows from operating activities
| ||
Loss before tax
|
(2,815)
|
(9,192)
|
Adjustments for:
| ||
Depreciation/Amortisation
|
5,065
|
6,334
|
Foreign exchange
|
(192)
|
(634)
|
Fair value change in digital assets through profit or loss
|
(293)
|
78
|
Revenue from digital assets
|
(16,840)
|
(11,438)
|
Loss on hedging
|
397
|
-
|
Finance cost
|
2,317
|
3,283
|
Gain on disposal of fixed assets
|
(75)
|
-
|
Proceeds from sale of digital assets
|
16,423
|
11,783
|
Share based compensation
|
1,911
|
984
|
Gain on sale of subsidiary
|
(3,397)
|
-
|
Cash flow from operating activities before working capital changes
|
2,500
|
1,197
|
Working capital changes:
| ||
Increase in trade and other receivables
|
1,086
|
(514)
|
Decrease in trade and other payables
|
(307)
|
(3,359)
|
Income taxes paid
|
-
|
(213)
|
Net cash used in operating activities
|
3,279
|
(2,889)
|
Investing activities
| ||
Interest received
|
126
|
-
|
Proceeds from sale of tangible fixed assets
|
894
|
-
|
Proceeds from sale of subsidiary and investment
|
6,119
|
-
|
Net cash used in investing activities
|
7,139
|
-
|
Financing activities
| ||
Lease payments
|
-
|
-
|
Loan repayments
|
(12,617)
|
(245)
|
Interest paid
|
(1.966)
|
(2,424)
|
Proceeds from shares issued - net of issue costs
|
9,349
|
-
|
Net cash generated used in financing activities
|
(5,234)
|
(2,669)
|
Net decrease in cash and cash equivalents
|
5,185
|
(5,558)
|
Effect of foreign exchange on cash
|
(184)
|
16
|
Cash and cash equivalents, beginning of period
|
7,443
|
20,092
|
Cash and cash equivalents at end of period
|
12,444
|
14,550
|
Three Months Ended March 31,
2024
|
Three Months Ended March 31,
2023
| |
Figures in '000
|
$
|
$
|
Net income/(loss)
|
(3,155)
|
(9,192)
|
Interest expense
|
2,317
|
3,283
|
Depreciation / amortisation
|
5,065
|
6,334
|
Income tax (credit) / expense
|
340
|
-
|
EBITDA
|
4,567
|
425
|
Restructuring and transaction related fees
|
561
|
797
|
Foreign exchange gain
|
(192)
|
(634)
|
Share based payment charge
|
1,911
|
984
|
Gain on sale of investment
|
(3,397)
|
-
|
Loss on hedging
|
397
|
-
|
Adjusted EBITDA
|
3,847
|
1,572
|
Argo Blockchain
| |
Investor Relations
|
ir@argoblockchain.com
|
Tennyson Securities
| |
Corporate Broker
Peter Krens
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+44 207 186 9030
|
Fortified Securities
| |
Joint Broker
Guy Wheatley, CFA
|
+44 74930989014
guy.wheatley@fortifiedsecurities.com
|
Tancredi Intelligent Communication
UK & Europe Media Relations
|
argoblock@tancredigroup.com
|
Date: 23 May 2024
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ARGO BLOCKCHAIN PLC
By: /s/ Jim MacCallum
Name: Jim MacCallum
Title: Chief Financial Officer
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Disclaimer
Argo Blockchain plc published this content on 23 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2024 11:35:00 UTC.