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Research group vows to keep spending on projects despite posting losses

CLEM CHAMBERS: "We firmly believe blockchain technology has a huge future"

One of the UK’s top blockchain research and developers – Online Blockchain Plc – has vowed to plough on with investments into its products, despite posting a loss upon closure of its financial year.

The London-based group, which has been making waves around innovation of cryptocurrency and decentralised ecosystems as well as mentoring a raft of crypto start-ups, saw it’s end-of-year drop 17% to 22.75p per share.

Company turnover is formed through recharges to ADVFN Plc (it possesses an 18% stake in ADVFN – a financial information site).

Online Blockchain Plc said it faced a loss of £188,000 to the end of June following a £62,000 profit in the previous year as revenue fell from £98,000 to £56,000.

A year-on-year increase in administrative expenses from £78,000 to £312,000 was largely responsible for the posted figures.

The group’s CEO – Clem Chambers – said investing in development would be fundamental towards achieving future growth in the business.

“In 2018, the blockchain bubble burst and the market price for crypto-assets has fallen back a long way,” he said.

“While this is undoubtedly disappointing in the short term, we firmly believe blockchain technology has a huge future.”

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