|
R8 Capital Investments PLC on Friday reported a swing to pretax profit in the first half of 2024, despite a fall in revenue, as it wound down operations and discharged an outstanding loan. The London-based fintech with a bitcoin banking app said pretax profit for the six months to June 30, 2024, was £587,000, compared to a £839,000 loss a year earlier. Revenue dropped to £60,000 from £186,000, reflecting reduced activity following the company’s decision to cease operations in January 2023. Administrative expenses fell sharply to £527,000 from £869,000, partly due to the voluntary liquidation of Mode Global Ltd and the settlement of a company voluntary arrangement. Cash balances at June 30 were £369,000, down from £547,000 a year earlier. R8 also said an outstanding £1.9 million loan had now been ‘entirely discharged’. The company is continuing to work with the Financial Conduct Authority to return digital assets and deposits to customers of its now-closed subsidiaries. Discussions to acquire Redwood Financial Partners were terminated earlier in 2025. Shares in R8 Capital were last quoted at 1.45 pence in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
