REG - Mode Global Holdings - Unaudited interim results

R8 Capital InvestmentsAnnouncement

30/09/2022 07:01

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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 £0.5m down 34% (H1 2021: £0.8m) driven by a significant
reduction in trading at Fibermode which was driven by a market led drop in
trading revenue of 80% to £0.09m (H1 2021: £0.48m). This was offset by
growth in Global Services revenue of 34% to £0.44m (H1 2021: £0.33m).

●    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 £2.3m as at 30 June 2022 (FY 2021: £4.1m).

 

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 £2,000,000

●    Conversion of an aggregate of £258,715.22 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
(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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