Mode Global Holdings PLC Unaudited interim results (2514B)
September 30 2022 - 2:00AM
UK Regulatory
TIDMMODE
RNS Number : 2514B
Mode Global Holdings PLC
30 September 2022
Mode Global Holdings PLC
("Mode" or "the Company" or "the Group")
Unaudited interim results for the six months ended 30 June
2022
Mode Global Holdings PLC (LSE: MODE), the LSE-listed Fintech
Group, is pleased to announce its unaudited results for the six
months ended 30 June 2022.
Rita Liu, Mode CEO comments: "2022 has presented a highly
volatile and challenging macro environment in which to operate. For
tech and crypto companies, this has presented new challenges on an
almost daily basis, with fiat and crypto markets seeing
considerable losses, and reduced access to capital as markets
prepare for possible recession. In light of this, Mode has done all
it can to help its users trade in a safe and stable environment,
providing more and more features to help support their crypto
exposure, either actively or passively. We have also relentlessly
worked on optimising our cost structure while continuing to build
on our core propositions.
"That being said, the challenges the market has faced have
impacted our numbers. Compared to H1 2021 which saw a crypto bull
run, just 12 months later we face a very different environment.
However, our conviction in creating value by leveraging cutting
edge technology such as crypto and open banking has never been
stronger. Our ecosystem of brands, partners, and users are growing
despite the challenging macro environment, and the variety and
diversity of our product development has given us resilience during
a volatile time. We are highly confident about the future of Mode
and the wider fintech and crypto industry. "
Financial Summary
-- Revenue of GBP0.5m down 34% (H1 2021: GBP0.8m) driven by a
significant reduction in trading at Fibermode which was driven by a
market led drop in trading revenue of 80% to GBP0.09m (H1 2021:
GBP0.48m). This was offset by growth in Global Services revenue of
34% to GBP0.44m (H1 2021: GBP0.33m).
-- Basic loss per share improved to (3.9p) (H1 2021: (4.4p)) .
This is a significant improvement on the year ended 31 December
2021 where our Basic loss per share was (10.0p).
-- Gross profit margin remained relatively flat at 12% in line
with 12% for the year ended 31 December 2021.
-- Cash at bank GBP2.3m as at 30 June 2022 (FY 2021: GBP4.1m).
Commercial Growth
-- Bitcoin payroll partnership with ecommerce firm Heroes
allowing employees to take salary in Bitcoin, one of the first
companies in the UK to offer payment in Bitcoin
-- Bitcoin payroll partnership with payroll and employment platform Lano
-- Successful launch of new Bitcoin Cashback product allowing
customers to receive Bitcoin Cashback as they shop
Corporate Highlights
-- Resignation of CEO Ryan Moore and appointment of New CEO Rita Liu
-- Mike Robertson and David Shrier appointed as Non Executive Directors
-- Dr Jose Sanchez Loureda appointed Chief Technology Officer
Post Period End
-- Successful issue of convertible loan notes to new and existing investors raising GBP2,000,000
-- Conversion of an aggregate of GBP258,715.22 principle amount
of the Loan notes resulting in the issue of 6,340,112 new ordinary
shares within a nominal value of 1 pence each
-- FCA approval granted to add multi-tokens to the Mode App
-- Bitcoin Cashback expanded to users of over 350 leading UK
retailers, and saw 129% growth in customer purchases via the Mode
app (based on a 4 week rolling sales average) from the launch in
May to September.
-- User base continued to grow to 401,388 downloaded users, and
101,917 registered users (as of September 28th, 2022).
The Interim Report & Accounts will shortly be available to
download from the Company's website at
https://www.modeplc.com/investors/results-reports-presentations
These documents have also been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
-ENDS-
Press contacts:
Chris Tuite, MRM
+44 (0)7471 350810
mode@mrm-london.com
Julie Sand, Mode Global Holdings PLC
+44 (20) 3773 0588
julie.sand@modeapp.com
Notes to Editors
About Mode :
Mode's vision is to be the most trusted crypto company, enabling
our customers to discover, own, and utilise digital assets. As an
EMI licence holder, and a FCA registered crypto asset business,
Mode is leveraging the power of crypto and Open Banking to deliver
on this mission and offer customers in the UK a one-stop app to
shop, earn and grow their crypto, all in one place. For businesses,
Mode provides a cheaper, safer and smarter alternative to card
payments that rewards shoppers with crypto.
To learn more, visit our customer/business site at
www.modeapp.com or our investor site at www.modeplc.com.
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END
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