The crypto mining services group said its results for May were “materially ahead” of internal budgets, reflecting improved market conditions and earlier than expected delivery of mining hardware
PLC () shares bounced higher on Monday after the firm reported “significantly better” trading conditions since early May and raised expectations for the second quarter on the back of improving crypto prices.
The crypto mining services group said in a trading update on Monday that its results for May were “materially ahead” of internal budgets, reflecting an improvement in market conditions as well as the earlier than expected delivery of crypto mining hardware.
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As a result, Argo said it now expected to generate around £2.85mln in crypto assets by the end of the second quarter, 57% higher than previous expectations.
Mike Edwards, Argo’s executive chairman, said that the results vindicated the company’s strategy to expand rapidly in a strengthening market, which would position it for “long term growth”.
“We are excited about the future prospects for the sector and continue to be focused on bringing greater institutionalization and growth to the digital assets and blockchain technology ecosystem.”
In early trading the shares were up 20% at 6.3p.
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Read more:Argo Blockchain bounces as it raises second quarter forecasts
