Argo Blockchain, a cryptocurrency mining services provider, reported Friday a loss for the first-half of the year driven by initial start-up costs and investment in computer hardware and other corporate infrastructure.

For the period from 5 December 2017 to 30 June 2018, the company made a loss before tax of £1.15m. The results covered the company's initial start-up phase and related to the period before its flotation.

The company said it had made a 'strong' start to the second half of year despite the recent downturn in cryptocurrency prices.

'Despite the recent downturn in the prices of cryptocurrencies, there continues to be huge pent-up consumer demand worldwide for mining services as this sector gains wider acceptance, the company said.

'With a strong capital base and technology know-how, the Group is well positioned to take advantage of these opportunities and remains on track for the ramp-up of its subscriber-based mining platform in line with its strategic road-map.'

At 9:00am: (LON:ARB) Argo Blockchain Plc Ord 0.1p share price was 0p at 10.5p