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Published: April 28, 2023 at 10:02 a.m. ET

By Ian Walker

World Chess PLC on Friday reported a swing to pretax loss for last year after booking a large exceptional credit in its 2021 accounts mainly related to an exchange gain on crypto assets.

The chess organization, which floated on the London Stock Exchange earlier this month, made a pretax loss for the year ended Dec. 31 of 2.8...

By Ian Walker

World Chess PLC on Friday reported a swing to pretax loss for last year after booking a large exceptional credit in its 2021 accounts mainly related to an exchange gain on crypto assets.

The chess organization, which floated on the London Stock Exchange earlier this month, made a pretax loss for the year ended Dec. 31 of 2.8 million euros ($3.1 million) compared with a profit of EUR5.9 million for the same period a year earlier.

Revenue for the year was EUR2.8 million compared with EUR3.2 million.

The company's pre-exceptional loss before interest, taxes, depreciation and amortization items was EUR1.8 million compared with a loss of EUR800,000.

"Looking to the future, our recent admission to the Main Market of the London Stock Exchange in April 2023 puts us in an exciting position for growth. The commencement of the revolutionary Armageddon Series and the upcoming launch of World Chess Club Berlin, a purpose-built chess club and social space, promises for an encouraging upcoming year," Chief Executive Ilya Merenzon said.

World Chess' shares are currently trading at 9.50 pence compared with its IPO price of 6.25 pence.

Write to Ian Walker at ian.walker@wsj.com

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World Chess Swings to 2022 Pretax Loss on 2021 Exceptional Credit - MarketWatch