Bitcoin Group SE presents 2018 half-year report - significant increases in revenues and profit
- Sales more than tripled to TEUR 5,671 (previous year: TEUR 1,770)
- Operating result more than quadrupled to TEUR 4,874 (previous year: TEUR 1,040 thousand)
- Further expansion of service portfolio successfully completed
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Herford, September 28, 2018 - Bitcoin Group SE (ISIN DE000A1TNV91) today published its half-year report 2018. In the period from January to June 2018, the Group recorded significant growth in sales and earnings. Sales revenues tripled to TEUR 5,671 compared to TEUR 1,770 in the previous year. The operating result improved to TEUR 4,874 from TEUR 1,040 in the first half of 2017. The bottom line was a profit of TEUR 3,322 (previous year: TEUR 819).
With Bitcoin.de - Germany's only regulated trading platform for cryptocurrencies - Bitcoin Group SE benefits from the purchases and sales of its customers in major digital currencies such as Bitcoin, Bitcoin Cash and Ethereum. Compared to the same period in the first half of 2017, the trading volume increased again. Especially at the turn of the year from 2017 to 2018, trading peaked at more than EUR 610 million. Due to profit taking and a decline in media interest, the traded volume flattened out in the course of the first half of the year. Overall, the Bitcoin price fell by 51.8% from EUR 11,180.57 on January 1, 2018, to EUR 5,389.29 on June 30, 2018.
In the reporting period, Bitcoin Group SE welcomed a total of 86,000 new customers, so that on average more than 14,300 new users found their way to Bitcoin.de each month. At the end of the first half of 2018, more than 753,000 customers were using the advantages of the trading platform for cryptocurrencies. Against the backdrop of a slight slowdown in new customer acquisition dynamics, the target of 1,000,000 customers by the end of 2018 now appears ambitious, but still achievable, if there is a dynamic year- end rally similar to 2017.
The balance sheet of Bitcoin Group SE was further strengthened in the past half year. As of June 30, 2018, total current assets increased to EUR 34,691 thousand compared to EUR 8,521 thousand in the same period of the previous year. The reason for the increase was the strong upturn in trading volumes, especially at the beginning of 2018, in conjunction with a steady influx of customers to Bitcoin.de. With an equity ratio of 72.74%, the company continues to be solidly financed, especially in comparison with the industry (financial service providers and banks).
"We are very satisfied with the development in the first half of 2018. Despite a stronger correction of the exchange rates, it is evident that many customers find confidence in cryptocurrencies and perceive them as an equivalent alternative to paper currencies. Building on this positive development, we want to continue to consistently and passionately pursue our strategy of developing Bitcoin.de into a cryptocurrency exchange," says Marco Bodewein, Managing Director of Bitcoin Group SE.
The Bitcoin Group SE is continuously working on a higher acceptance and perception of cryptocurrencies in general and on the improvement of its own offer in particular. Bitcoin Group SE expanded its service portfolio by acquiring a 50% stake in the regulated
financial investment broker Sineus Financial Services GmbH in January 2018. The company expects the approval of the responsible supervisory authorities in the short term. In the future, this will enable the Group to offer additional financial services in the cryptocurrency sector.
The company continues to adhere to its goal of including further cryptocurrencies in Bitcoin.de's trade by the end of the year.
The medium-term goal is to further develop Bitcoin.de into a cryptocurrency exchange with multilateral approach. This offers customers the advantage of being able to quote prices themselves and keep an order book. At the same time, liquidity in trading increases. In order to achieve this goal, further investments in this direction are planned.
Overall, management is optimistic about the second half of the year, which is already underway, due to the robust performance in the first half of 2018.
The half-year Report 2018 is available for download at www.bitcoingroup.com with immediate effect.
