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(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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