16th Nov 2015 09:30
LONDON (Alliance News) - PCG Entertainment PLC said Monday said its revenue in the third quarter of 2015 was up from the previous year, boosted by its acquisition of Center Point Development Corp in June.
The Asia-pacific online gaming and media company said its operating profit in the quarter to end-September was USD400,000, up from losses of USD2.2 million a year before, on revenue of USD6 million, up from USD1.1 million.
PCG bought Center Point Development Corp for USD10.0 million in June, payable in shares, with a further payment of USD10.0 million also in shares due in the company meets some performance targets.
"These results demonstrate the effectiveness of the group strategy in expanding in the Chinese media and games market both through organic growth and by acquisition. I am extremely grateful to our shareholders for their continuing support and I look forward to being able to issue a further trading update in January," said Chief Executive Officer Nick Bryant in a statement.
Bryant also noted "significant adverse sentiment" towards the AIM market and in particular Chinese stocks in recent months. "I think it's fair to say that PCGE, having been through two thorough admission processes, once for the first admission and again for our re-admission post the CPDC takeover, demonstrates transparency and accountability in its business," Bryant added.
Shares in PCG were up 20% at 1.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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