5th Jun 2023 16:13
(Alliance News) - Sealand Capital Galaxy Ltd on Monday reported a rise in annual revenue, as its loss narrowed.
Sealand is an Asia-focused digital investor that offers financial and strategic support to entrepreneurs.
The company reported that revenue in 2022 rose 28% to GBP226,750 from GBP177,667 a year earlier. It said that the rise in revenue was thanks to the development of its distributor business, SCG Group Ltd, in the Hong Kong market.
Its pretax loss narrowed to GBP179,569, from GBP1.0 million in 2021.
Sealand explained that it was "continuously" impacted by the Covid-19 pandemic, through its overseas subsidiaries' operations during the year.
"In 2022, the Company experienced significant growth, albeit from a low base, in new markets in Hong Kong through its wholly owned subsidiary, SCG Group Ltd," said Chair Nelson Law.
"Looking ahead, SCG is committed to further expanding its operations both horizontally and vertically in the upcoming year. The Company aims to diversify its product lines for each brand while simultaneously expanding its geographic presence. Emphasising new channel development, SCG will forge partnerships with additional channel parties to align with its core focus and ensure cohesiveness."
Shares in Sealand were flat at 0.145 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News reporter
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