Argo Blockchain ups quarterly guidance following better than expected trading

Cryptomining service Argo Blockchain upped its second-quarter guidance by 57% on Monday after experiencing "significantly better than expected" trading conditions over the last six weeks.

Argo said results for May were materially ahead of internal budgets, prompting the directors to review and significantly raise their expectations for the second quarter of the year.

The London-listed group said its better than anticipated performance was a result of a continued improvement in market conditions and faster-than-planned implementation of newly acquired hardware.

Argo saw mining yields from existing hardware improve in line with strongly rising crypto prices of roughly 49% since its last operational update in early May and now expects to have generated approximately £685,000 worth of crypto assets last month.

Looking forward, Argo now anticipates generating roughly £2.85m worth of crypto assets - approximately £1m or 57% higher than its previously announced estimate of £1.81m.

Executive chairman Mike Edwards said: "I am very pleased with our results and progress as we continue to implement our strategy in a cost-conscious and disciplined manner.

"Our timely actions, together with our ongoing investment in mining capability, means we will not only comfortably beat our original expectations but also position Argo for long term growth."

As of 1020 BST, Argo shares had shot up 19.81% to 6.29p.