(Alliance News) - Valereum PLC on Tuesday reported a narrowed loss amid lower costs as it emphasised its focused on completing the Gibraltar Stock Exchange acquisition.

The Gibraltar-based AQSE-listed firm, which links mainstream currency products denominated in US dollars and pound sterling into cryptocurrencies, said pretax loss in the first half of 2023 narrowed to GBP624,627 from GBP1.0 million a year prior, virtually identically with its administrative costs in either half-year. The company does not yet generate revenue.

"The first half of 2023 has been a challenging period for the company, not least with its fundraising, set against a deteriorating global macroeconomic backdrop and uncertainty in the global financial markets," Valereum said.

The company remains focused on buying the Gibraltar Stock Exchange, which it in October 2021 said it aimed to buy for an undisclosed figure.

"Valereum's entire management team is focused on completing the Gibraltar Stock Exchange acquisition and is in further discussions with the Gibraltar Financial Services Commission around its application and request for a further extension. Although a successful conclusion with the GFSC is not guaranteed, the board of Valereum is optimistic and looks forward to announcing its plans and executing them in future," Valereum said.

Valereum shares last traded on the AQSE at 3.82 pence each on August 31.

By Tom Budszus, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.