27th Sep 2016 10:11
LONDON (Alliance News) - Online gaming marketing company Veltyco Group PLC said Tuesday it had seen a significant growth in revenue for the first six months of the year compared to the year prior, as it swung to a loss on the back of reverse takeover costs.
Veltyco booked a pretax loss of EUR1.1 million for the six months to the end of June, swinging from an EUR217,279 profit for the same period in 2015. However the company said the loss was driven by the expenses, totalling EUR1.6 million, of Velox3 PLC's reverse take-over of Sheltyco Enterprises Group Ltd in June which had led to the renaming of the company as Veltyco.
Revenue for the first-half grew to EUR2.1 million from EUR1.2 million year on year, with operating profit up to EUR471,361 from EUR201,304. Veltyco said revenue growth had been boosted by marketing efforts in the lottery industry and binary options markets.
During the reporting period Veltyco raised GBP538,000 through a share subscription of 2.2 million shares at 25.0 pence each. It has since, in September, raised a further GBP219,747 in a second subscription, issuing 878,991 shares at the same price.
Shares in Veltyco were up 14% at 26.25p on Tuesday.
By Adam Clark; [email protected]
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