30th Oct 2018 12:12
LONDON (Alliance News) - Shares in Sealand Capital Galaxy Ltd were restored to trading on Tuesday after six months of suspension, as the company published its delayed financial statements.
Shares in Sealand were suspended in late April after its annual results for 2017 were delayed. The company published the results on Monday. Despite being restored to trading, Sealand shares were untraded on Tuesday at 4.5 pence each.
For 2017, Sealand, which invests in IT and social media businesses, posted a pretax loss of GBP8.0 million, widened from a GBP250,839 loss a year prior. This was mainly due to impairment losses on goodwill and intangible assets of GBP5.7 million and GBP1.6 million in connection with the disposal of the company's stake in SecureCom Media Holdings Ltd.
The company's annual revenue was GBP4.5 million. In 2016 Sealand did not book any revenue.
Looking ahead, Sealand said it intends to expand into new geographies as well as diversifying into new business.
Executive Chairman Nelson Law said: "We are pleased to be back and trading on the Main Market today. Sealand has gone through an important transformation over the last year, but this has honed our vision and we are firmly focussed on the future."
Related Shares:
Sealand Cap