30th Jun 2016 13:25
LONDON (Alliance News) - PCG Entertainment PLC on Thursday said its revenue came in much higher in 2015, following a year in which the company made completed a reverse takeover, and said major media distribution projects are expected to develop later in the year.
The Asia-Pacific online gaming and media company reported revenue of USD11.0 million in 2015, up from USD4,450 in 2014, which caused its pretax loss to narrow significantly to USD2.0 million from USD8.7 million a year earlier.
The company said the loss in 2015 largely came from the costs of readmission to the AIM market following its reverse takeover of games and gaming software distributor Center Point Development Corp for up to USD20.0 million which led to its shares being suspended, and then re-admitted in August.
This acquisition, PCG Entertainment said, ensured that the company became profitable in the third quarter of its financial year, with the profit then more than doubling in the fourth quarter.
The company said it continues to develop major media distribution projects which are expected to develop in late 2016.
"I am delighted to announce PCG Entertainment's results for 2015. The company is involved in a number of additional projects involving programme distribution and sport and we intend to provide regular updates on their progress. I remain confident that our strategy for the company will result in sustained growth and increased shareholder value and I look forward to providing regular trading updates to the market," Chief Executive Nick Bryant said.
Elsewhere the company said it has raised GBP400,000 before expenses through a share placing of 145.5 million shares at 0.275 pence each.
Shares in PCG Entertainment were down 24% at 0.360 pence on Thursday.
PCG said the proceeds will be used for general working capital and the placing was conducted by its broker Beaufort Securities Ltd.
By Hannah Boland; [email protected]; @Hannaheboland
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