Tap Global shares up as eyes 30% annual revenue growth on crypto boost
Tap Global Group PLC on Tuesday said it anticipates a jump in revenue, citing crypto trading.
The London-based provider of app-based cryptocurrency payment and settlement services expects to report revenue of around £3.4 million for the year that ended June 30, which would be up 30% from £2.7 million the year before, reflecting ‘continued user growth and product momentum across the platform’.
The firm added that its income for the year will be further boosted by around £420,000 from bitcoin recovery.
After stripping out one-off expenses associated with Tap Global’s AIM listing in June and non-cash share option expenses, the company also expected to be materially positive in earnings before interest, tax, depreciation and amortisation for the full year.
‘Tap Group is leading the way in providing a platform that allows both consumers and businesses to bridge the gap between traditional finance and blockchain technology and we have a number of exciting developments in the pipeline to propel growth in the current financial year and beyond,’ said Chief Executive Officer Arsen Torosian.
Full-year results will be published ‘in due course’.
Tap Global shares jumped 52% to 2.13 pence each on Tuesday afternoon in London.
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