Argo Blockchain Rises With Revenue Run-Rate Expected To Increase

[PRIBO247]

Shares rose in Argo Blockchain PLC on
Tuesday it expected to see a hike in its annualised revenue run-
rate for to the period to date since its listing on the London Stock
Exchange in August.

Shares in the cryptocurrency mining services provider rose
11% at 5.25 pence on Tuesday.
The total number of sold packages more than doubled to
10,325 from 4,200 as at October 1, due to the sellout of a
new batch of mining packages once released to the market,
beating its target of packages ahead of schedule, initially
targeted for January 2019.

As a result, Argo has estimated its annualised revenue
run-rate for 2018 to reach USD6.2 million, up significantly
from USD260,000 as at its listing.
As at the end of November, net cash amounted to GBP15
million.

"Argo has come a long way since its inception only a year
ago. Despite a recent downturn in the cryptocurrency
market, we are continuing to experience a strong ramp-up in
revenues due to good execution of our growth strategy," said
Director Mike Edwards.

"Our mining packages are being snapped up as quickly as we
make these available and demand continues to exceed supply.
With a strong balance sheet and prudent management of our
investment in growth, Argo's long-term prospects remain bright
and we look to the future with confidence," Edwards added.

Source : http://www.lse.co.uk