A tech firm based in Dorset has achieved a significant increase in sales, surpassing £50 million, owing to cryptocurrency mining activities, particularly Bitcoin.
Verwood-based IT equipment distributor experienced a notable turnover growth to £54.5 million from the previous year’s £42.8 million. Concurrently, profits saw a rise from £386,000 to £558,000.
The financial year has been a positive one with the company posting strong increases in both turnover and gross profit, the firm reported. They further highlighted the ongoing market consolidation and persistent margin pressures, compounded by Brexit uncertainty and currency fluctuations, as constant frustrations for the business.
Cryptocurrency mining has played a significant role in the market, triggering heightened demand for products across various categories and contributing to the turnover increase in Q3 2017 and Q1 2018. However, the resultant market shortages somewhat mitigated this impact.
In summary, cryptocurrency mining has propelled this Dorset-based tech firm to new financial heights, despite the market challenges and external economic uncertainties.