A Dorset tech firm has boosted sales to more than 拢50 million thanks to mining of cryptocurrencies such as Bitcoin.
Verwood-based IT equipment distributor Spire Technology increased turnover to 拢54.5m from 拢42.8m in the previous year while profits rose to 拢558,000 from 拢386,000.
“The financial year has been a positive one with the company posting strong increases in both turnover and gross profit,鈥� the firm stated.
鈥淭he market continues to consolidate and margin pressure is ever present. Uncertainty over Brexit and constant currency fluctuations serve to frustrate the business.
“Cryptocurrency mining has been a feature of the market, creating increased demand for products across several categories and contributing to the turnover growth in Q3 2017 and Q1 2018.
鈥淐onversely, this ultimately created shortages in the market which served to lessen the impact somewhat.”