Tap Global Group Plc Trading Update

 
TIDMTAP 
 
14 August 2023 
 
Tap Global Group Plc 
 
("Tap" or the "Company") 
 
Trading Update 
 
 Record annual revenue underpinned by significant growth in user numbers 
 
Tap Global Group Plc (AQSE: TAP), the regulated crypto app bridging the gap 
between traditional finance and blockchain technology, is pleased to provide a 
trading update for the twelve months ended 30 June 2023 ("FY23"). 
 
Highlights: 
 
  · FY23 Revenue: £2.52m* (FY 2022: £0.90m) up 179% 
  · Registered users up 28% since April trading update, taking total to 185,000 
  · 5 new cryptocurrencies listed on platform since April trading update, taking 
total to 44 
 
*FY23 and FY22 revenue figures are both for Tap and Tap's wholly-owned 
subsidiary, Tap Global Limited ("TGL"). Tap acquired 100% of TGL on 10 January 
2023. 
 
Financial Performance 
 
FY23 has been a record year for revenue with the operating company, TGL 
reporting significant growth since Tap listed on the AQSE Growth Market 
("Listing"). Following the Listing and a particularly strong trading period in 
the first half of the calendar year, TGL generated revenues of over £2.5m in 
FY23, a near threefold increase on FY22. 
 
As previously announced, Tap intends to commission analyst research which will 
establish financial forecasts, including revenue and profitability in the near 
future. The Company expects this research to be available shortly after the 
publication of its Full Year Results. 
 
User Growth and International Expansion 
 
Since Listing, Tap has continued to rapidly expand its user base, passing the 
150,000-user mark in May 2023. Tap is pleased to report that it now has over 
185,000 registered users on its platform and the Company expects to continue 
growing its user base through application upgrades, increased marketing spend 
and by launching in new markets. 
 
As previously announced, the Company continues to plan for international 
expansion with Canada, the United States and Australia among its target markets. 
As stated in April's Trading Update, management continues to take a prudent 
approach to this expansion to ensure that new markets are entered in an optimal 
fashion, taking into account the increasingly robust regulatory environment for 
cryptocurrency-related businesses. 
 
Tap's management welcomes increased regulatory oversight, as the Company has 
taken a regulation-first approach since inception. Management believes that 
Tap's emphasis on regulation may be particularly beneficial as the Company looks 
to enter the US cryptocurrency market, which is not only the largest in the 
world, but also in need of responsible operators which prioritise safeguarding 
user assets. Entry into the US market remains a key strategic priority for the 
Company, within the context of the increasingly active approach the SEC is 
taking in regards to the promotion of trading crypto assets which it may view as 
securities. 
 
Appointment of Chairman and CEO 
 
In May, Tap announced the appointment of Kriya Patel as CEO of TGL, and David 
Hunter as the Company Chairman. The appointment of these two highly experienced 
financial technology and payments executives has further strengthened the 
Company's management team and laid the foundation for accelerated operational 
and financial growth. 
 
David Carr, Chief Executive Officer of Tap Global, commented: 
 
"2023 has been a pivotal year for Tap. To have successfully listed on Aquis and 
to have delivered a record year for revenue, despite the sectoral headwind, 
demonstrates that we have a product with broad appeal in the fintech space. With 
Kriya and David in place, I believe we now have the optimal team to drive Tap 
quickly towards sustained growth and into new markets." 
 
"Whilst we are proud of what we have accomplished this year, we know that Tap 
has by no means reached its full potential and I look forward to updating our 
users and shareholders on further exciting developments in the coming weeks and 
months." 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
Enquiries: 
 
Tap Global Group Plc  David       Via Vigo Consulting 
Carr, Chief Executive Officer 
Peterhouse Capital Limited (AQSE  +44 (0)20 220 9795 
Growth Market Corporate Advisor) 
Guy Miller/Narisha Ragoonanthun 
Vigo Consulting (Investor         +44 (0)20 7390 
Relations)Ben Simons / Charlie    0230tapglobal@vigoconsulting.com 
Neish 
 
About Tap Global 
 
Tap is a fully regulated cryptocurrency app bridging the gap between traditional 
finance and blockchain technology. 
 
Through a single app, Tap's over 185,000 users can access several major 
cryptocurrency exchanges simultaneously, benefiting from best-execution and 
pricing in real time though Tap's proprietary Artificial Intelligence 
middleware. Through the Tap card, users can also convert their cryptocurrencies 
to fiat to spend at more than 37 million merchant locations worldwide. 
 
Tap is one of only a handful of unified solutions operators fully regulated to 
provide distributed ledger technology services and was the first cryptocurrency 
FinTech company approved by Mastercard in Europe. 
 
Learn more: www.withtap.com 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END
(END) Dow Jones Newswires
August 14, 2023 02:00 ET (06:00 GMT)
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