Business
Interim results for the period ended 30 June 2020
Interim results for the period ended 30 June 2020.
About this update from R8 Capital Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7117B\n Mode Global Holdings PLC\n 12 October 2020\n \n \n \n \n Mode Global Holdings Plc \n \n \n \n \n \n Half yearly results for the period ended 30 June 2020\n \n \n \n \n \n Mode Global Holdings Plc (\"Mode\"), the UK-based Fintech Group, today announces its \n unaudited financial results for the six months ended 30 June 2020.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Successful expansion of services to include Bitcoin Jar, P2P payments and Euro accounts\n \n \n · \n Rebrand of R8 to Mode \n \n \n · \n Recruitment of ex-Alipay EMEA Chief Rita Liu to the leadership team\n \n \n · \n Successful completion of IPO on London Stock Exchange's main market\n \n \n Executive Chairman, Jonathan Rowland, said: \n \"During the period, we continued to invest in the business to develop and further add value to our existing payments and digital asset\n offering\n . After the interim period, we successfully completed our IPO and listed on one of the leading stock markets in the world, the London Stock Exchange's Main Market - a key milestone in the evolution of the \n Company\n . The funds raised will help us to further develop our business and our goal to become the next-generation financial services ecosystem for consumers and businesses\n .\n \"\n \n \n \n \n \n Results for the period\n \n \n For the period from 1 January 2020 to 30 June 2020, the Company's results were as expected.\n \n \n There was a 62% increase £(1.9)m versus £(1.2)m in losses for the six-month period to 30 June 2020 when compared to the six month period ending 30 June 2019. This was largely due to the 56% increase in administrative expenses from technology and marketing spend and also included some key additional hires as the Company expanded its products (see below for details).\n \n \n Finance costs increased by 55% (£191k versus £123k) due to the pro rata'd interest costs for the Convertible Loan Notes in 2019 and the financing commencing in two separate tranches - February 2019 and April 2019.\n \n \n Revenues increased in line with the business plan as the offering of JGOO Limited (\"JGOO\") marketing services saw increased demand as well as an increase in trading revenues from Bitcoin during the COVID19 period.\n \n \n \n \n \n Strategic developments during the period\n \n...