1st Sep 2014 09:26
(An item published at 0757 BST misstated the currency of Galasys's results. The correct version follows.)
LONDON (Alliance News) - Galasys PLC Monday expressed confidence for the full year, as it reported a rise in profit in the half year to end-June, in its first set of results since listing on AIM in May.
Galasys provides ticketing systems and services for Asian theme parks.
Galasys posted a pretax profit of MYR5.0 million, up from MYR3.7 million, as revenue rose to MYR16.4 million from MYR12.3 million, boosted by growing demand from existing customers and new contract wins including Dalian Wanda Group Co Ltd.
Following its initial public offering, the company signed 25 new contracts with amusement parks. It also integrated Green Laser Sdn Bhd, which it acquired in the second half of the previous year, and said it had made a "substantial contribution".
Going into the second half, the company said it has new cloud-based products and services in its pipeline to launch. It has increased the size and capability of its marketing and business development team, to reach out to new business prospects and amusement park customers.
It will consider growing through a merger or acquisition "should a suitable target be available", it said.
The company expects to see positive trends continue in the second half as it works on its long-term plan to transform its current project-based business and revenue model to one where revenue and profits are more directly related to the number of visitors to its theme-park customers.
"On the back of the strong growth prospects in the Asian theme park industry, Galasys is well-poised to deliver a good performance for its shareholders in the coming months," said Chief Executive Sean Seah in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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