R3 says it's in a 'very strong cash position' despite UK entity losses in 2019

Quick Take

  • The UK business entity saw higher losses after a change in accounting methodology.
  • R3’s Corda platform supports many of Europe’s best-known enterprise blockchain pilots.

The UK subsidiary of leading enterprise blockchain business R3 lost £19.6m in 2019 after posting a slim profit the previous year, according to the company’s latest filings.

R3 spokespeople say the company is in good health at the group level, however.

“You can’t extrapolate the figures reported in the UK to the wider R3 global business. That would be misleading and foolish!” said R3’s chief communications officer Charley Cooper, in response to questions from The Block.

“So for the bigger picture, R3 is fortunate to be in a very strong cash position. We can confirm the company is not in an overall debt position,” he added.

R3’s New York-headquartered parent company is privately held and d