• Wed. Nov 29th, 2023

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    Quantum Blockchain Technologies’ Shares Fall After Interim Results Reveal Narrowed Loss

    ByByron Bekker

    Nov 9, 2023
    Quantum Blockchain Technologies’ Shares Fall After Interim Results Reveal Narrowed Loss

    Quantum Blockchain Technologies witnessed a decline in its shares on Tuesday following the release of its interim results. The company reported a narrower pretax loss for the first half of the year but remained silent on updates regarding the ongoing legal actions in Italian courts. At 0816 GMT, shares were down 0.13 pence or 12%, trading at 0.9 pence.

    Despite the setback, the company remains committed to seeking damages and legal expenses recovery through its subsidiary Clear Leisure. Their efforts are primarily focused on pending court actions in Italy. With respect to financial performance, Quantum Blockchain Technologies reported a pretax loss of £1.5 million ($1.8 million) for the first half of the year. This marks a significant improvement compared to the previous year’s loss of £2.9 million. The narrowed loss can be attributed to effective cost management and reduced expenses.

    While the company did not provide specific updates on the legal proceedings, it is clear that they are actively pursuing legal recourse to protect their interests. Quantum Blockchain Technologies’ determination to recover damages and legal expenses highlights their commitment to ensuring a fair resolution.

    Despite the temporary setback in share value, the company’s ongoing efforts to mitigate losses and pursue legal action demonstrate their resilience and dedication. Quantum Blockchain Technologies continues to evolve as a key player in the industry, and their driven approach positions them for sustainable growth in the future.

    For more information, contact Michael Susin at [email protected].