Tap Global Group Plc - H1 Trading Update
Announcement provided by
Tap Global Group Plc · TAP22/01/2025 07:00
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as applied in the
22 January 2025
Tap Global Group Plc
("Tap Group" or the "Company")
H1 Trading Update
Tap Group delivers record H1 revenue; positive EBITDA
Tap Global Group Plc (AQSE: TAP), the FinTech company bridging the gap between traditional finance and blockchain technology, announces record H1 revenues and positive EBITDA in the first half of the current financial year from 1 July - 31 December 2024 (“H1 2025”), reflecting product improvements, market sentiment and fee calibration.
Revenue for H1 2025 is expected to be approximately £1.80 million (H1 2024: £1.29 million), an increase of approximately 40% on the equivalent prior year period. Notably, the monthly revenue in December 2024 of £451,000 was almost double the revenue in the first month of the H1 2025 period, signaling the strong trading momentum being carried into the second half of the financial year.
Importantly, this performance is being achieved following the cost-saving initiatives implemented in the last financial year that ensure Tap Group operates with an optimal overhead structure. As a result, the Company expects to report a positive EBITDA for H1 2025.
Monthly revenue performance
| Jul-24 | Aug-24 | Sep-24 | Oct-24 | Nov-24 | Dec-24 |
Revenue* (Unaudited) | £229,806 | £226,922 | £249,466 | £255,396 | £389,631 | £451,069 |
*The above monthly revenue performance numbers reflect marginal adjustments over the same monthly revenue performance numbers reported in the announcement dated 20 December 2024.
Operations update
Tap Group has undergone significant operational restructuring while continuously enhancing its product offering. Throughout H1 2025, the Company continued to systematically streamline its team structure, centralising decision-making and product deployment oversight with the CEO. This transformation has resulted in dramatically faster execution and more efficient resource allocation.
In July 2024, the Company revitalised the utility of the XTP token with the introduction of XTP Cashback on card spending, alongside six new dynamic subscription plans. Tap Group’s commitment to XTP token holders remains unwavering, evidenced by the successful reintroduction of XTP locking for
Tap Group has maintained its agility in the retail fintech space by strategically integrating high-demand token launches such as Hamster Kombat. This integration served as a successful test case for a potential new revenue strategy. By being among the first retail platforms to list highly anticipated token launches, Tap Group can capture significant trading volumes during peak interest periods while attracting new users that are seeking early access to these opportunities.
Product development continued with enhanced in-app features including improved cryptocurrency search functionality and a new 'Markets' section. The Company also expanded its currency offerings to include CAD, JPY, AUD, and CHF.
Securing VASP registration in
These developments, combined with the broader market momentum including Bitcoin's strong performance, have not only driven strong revenue growth but also laid the groundwork for sustained expansion.
Arsen Torosian, CEO of Tap Group, commented:
“Tap Group has emerged as a stronger, more profitable business, with an exceptionally lean and dedicated team. This new organisational structure has proven instrumental in achieving key milestones while maintaining operational efficiency and cost control. Having reached cash flow positivity, we're now at a pivotal moment where we can continuously reinvest revenues into customer acquisition and marketing initiatives. On top of that, we expect to activate our first Cards-as-a-Service revenue stream in the near term with the first major customer. This has the potential to add materially to Tap Group's revenue mix which at present is dominated by trading commission. Our transition to profitable operations and ability to invest in growth reinforces our confidence in Tap Group's opportunity to scale very effectively from this base.”
The Directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Tap Global Group Plc Arsen Torosian, Chief Executive Officer |
via Vigo Consulting |
Peterhouse Capital Limited (Aquis Growth Market Corporate Advisor) | +44 (0)20 7220 9795
|
Tennyson Securities (Broker) Peter Krens Alan Howard | +44 (0)20 7186 9030 |
Vigo Consulting (Investor Relations) Ben Simons Kendall Hill Peter Jacob | +44 (0)20 7390 0230 tapglobal@vigoconsulting.com |
About Tap Global Group Plc
Tap Global Group Plc (“Tap Group”) bridges the gap between traditional finance and blockchain technology. It offers over 380,000 individual and business customers an innovative and fully integrated fiat payments and cryptocurrency settlement service including access to several major cryptocurrency exchanges. Through the Tap app, customers can trade up to 48 cryptocurrencies and store them directly in their customer wallet, while benefiting from proprietary AI middleware for real-time best-execution and pricing.
Tap Group’s European business, Tap Global Limited, was the first cryptocurrency FinTech company to be approved by Mastercard in
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Tap Group’s operating subsidiaries
Tap Global Limited serves the European customer base and is registered in
Tap Americas LLC serves the US customer base and is a limited liability company organised under the laws of the state of
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