LONDON (Alliance News) – Sealand Capital Galaxy Ltd on Monday said it swung to profit for the first half, as it posted maiden revenue after the acquisition of Securecom Media Ltd.

Pretax profit for the six months to the end of June was GBP22.9 million, after a loss of GBP85,844 during the same period the year before, while it posted revenue of GBP32.1 million, which it said was mainly attributable to the acquisition of Securecom.

Sealand posted selling and marketing expenses of GBP10.4 million for the period compared to nil the year before.

As of June 30 Sealand said it had cash in hand of GBP459,701, and also said it would not be declaring a dividend for the period.

Sealand acquired Securecom in February for GBP1.0 million in cash and through the issuance of 10 million shares at a share price of 20 pence, with no other details on the placing or acquisition announced.

Sealand said it intends to restructure Securecom, with an objective of reducing risk.

In July, after the period end, Sealand said it had entered into a memorandum of understanding with Guangzhou Ruiyou Information Technologies Co Ltd, a Chinese mobile games developer, over the acquisition of a 51% majority stake in the company.

During the period the company executed an agreement to become a party to a licensed operator agreement of WeChat Pay, an online payments service, in Hong Kong. Sealand said it represents a “significant” opportunity for the company and it intends to initially develop the product in Hong Kong before expanding to Europe and elsewhere.

Shares in Sealand were up 7.6% at 9.95 pence at the start of trading Monday.

By George Collard; [email protected]

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