Smarter Web Company reports first-half loss

(Sharecast News) - The Smarter Web Company reported a first-half loss on Tuesday, driven largely by non-cash Bitcoin fair value movements, while pointing to progress across its operating business, Bitcoin treasury strategy and acquisition plans. Revenue for the six months ended 30 April was £0.4m, with an operating loss of £2.7m reflecting one-off costs linked to its Main Market uplisting.

The reported loss widened to £72.0m, almost entirely due to a £70.8m fair value loss on Bitcoin as the price fell during the period.

At period end, the company held 2,778 Bitcoin valued at £157.1m, representing 98% of total assets.

The group said its Squarebird acquisition, completed in February, had added a second profitable digital agency and was performing in line with expectations.

Since the period ended, Smarter Web has acquired a further 100 Bitcoin, taking holdings to 2,878, while around £18.5m was drawn under its Coinbase Bitcoin-backed facility.

Chief executive Andrew Webley said the company remained focused on building long-term shareholder value through its operating businesses, acquisitions and Bitcoin treasury.

At 1109 BST, shares in the Smarter Web Company were up 1.18% at 25.41p.

Reporting by Josh White for Sharecast.com.

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