AQRU swings to annual loss following significant industry headwinds

(Alliance News) - AQRU PLC on Thursday said it has swung to a loss in financial year 2022, as it faced significant headwinds.

The London-based decentralised finance incubator reported that it swung to a pretax loss of GBP5.9 million in the financial year ended October 31, from a pretax profit of GBP311,000 a year earlier.

However, it reported revenue of GBP708,000, up from no revenue a year ago.

Looking ahead, AQRU said it expects industry headwinds to continue through 2023, however it noted that it has seen "green shoots with digital asset prices recovering."

Chief Executive Philip Blows said: "AQRU has done well to weather a tricky year for the digital assets industry. We saw many of our largest competitors end operations due to poor risk management in volatile markets.

"We've also taken steps to diversify our long-term revenue-generation strategies by leveraging our team's expertise across the wider FinTech sector - including launching the London Carbon Exchange. We remain vigilant of any emerging risks in the sector and will continue with a cautious stance in 2023 remaining ready to capitalise on any emerging opportunities."

Shares in AQRU were flat at 0.225 pence each in London on Thursday afternoon.

By Sophie Rose, Alliance News reporter

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