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Shares of Mode Global Holdings PLC (LON: MODE) opened higher after releasing its interim results for the six months ended 30 June 2021 but later fell into negative territory.
The interim reports highlight was the over 20 times jump in revenues to £0.8 million compared to the £0.03 million generated in H1 2020.
The fintech company reported a gross profit margin of 19% during the six months compared to a gross loss reported in a similar period last year.
Mode had a cash balance of £5.7 million on June 30 and had liquid assets totalling £8.3 million versus the £6.2 million reported in a similar period last year.
Another important highlight from the report included the award of an Electronic Money Institution (“EMI”) by the UK’s Financial Conduct Authority (FCA).
The FCA also awarded Mode the Registered Cryptoasset Firm designation, given its compliance with the money laundering regulations.
The fintech company also grew its Bitcoin reserves by 327%, in line with its mission to hold at least 10% of its treasury assets in the form of Bitcoin.
Mode Banking also completed an oversubscribed share placement to raise £6 million during the first half of 2021.
The company also highlighted its partnership with THG Plc to provide payment solutions and a loyalty points system.
Finally, Mode grew its user base by 575%, with its total trading volume in Sterling pounds rising 3,200% compared to H1 2020.
Ryan Moore, Mode CEO, said: “Our half-year results mark a significant milestone for Mode. 2021 has been a transformational year and, after a successful period of investing in our people and products, we are now moving at pace. We have successfully built a strong platform of regulated and innovative products to drive growth.”
Mode share price.
Mode Global shares fell 3.93% to trade at 36.50p, falling from its opening price of 38.00p.
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