Tap Global Group PLC on Friday said it was in a good position to capture ‘enormous opportunities’ lying ahead as it posted an increased loss due to an impairment.
The Gibraltar-based provider of app-based cryptocurrency payment and settlement services said pretax loss widened to £18.2 million in the financial year ended June 30, from £1.1 million a year ago.
Notably, the company reported an impairment loss on goodwill of £15.9 million for financial 2024, compared to no such cost a year prior.
The impairment arose ‘from the revaluation of goodwill in respect of the 2023 investment in the company’s subsidiaries,’ Tap Global said.
Revenue jumped 31% to £2.6 million from £2.0 million.
Cost of sales increased to £1.1 million from £494,488.
Looking ahead, the company said it continued to growth with a focus on accelerating its US market penetration via its Zero Hash partnership; activating its Cards-as-a-Service product line; strengthening its operational hub in Greece to support European expansion; enhancing its security and compliance frameworks; and finally, developing innovative solutions that simplify digital finance.
Chief Executive Officer Arsen Torosian said: ‘We want to give customers the ability and the freedom to do what they want with their own money. With strong foundations, clear strategic direction, a talented team, and crypto market sentiment on our side, we are well-positioned to capture the enormous opportunities that lie ahead.’
Tap Global shares closed 4.3% higher at around 2.30 pence each on Friday on the Aquis in London.
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