Galasys PLC Pre-Close Trading Update and New Contract Wins (0116O)

TIDMGLS

RNS Number : 0116O

Galasys PLC

04 February 2016

Galasys PLC

("Galasys" or the "Company")

Pre-Close Trading Update and New Contract Wins

Galasys PLC (AIM:GLS), a leading provider of ticketing systems and solutions to the fast growing amusement park industry in Asia, is pleased to provide the following trading update for the year ended 31 December 2015 in advance of the release of its annual results in May.

The Group expects to announce a set of results for the year to 31 December 2015 demonstrating that trading is in line with market expectations. It is however likely that the Company will need to provide for certain one-off exceptional costs relating to the on-going litigation as already announced, which would have the effect of reducing profits before tax and earnings in the year. If these legal costs are ruled by the courts to be for the account of the Company, the profits for the year could be below market expectations and in extremis, materially so.

During the period Galasys has won numerous and significant new contracts in addition to the Company's ongoing repeat business. The two most recent are deals are in Malaysia and China, with a total combined value of c. GBP 290,000.

Malaysian Contract

Galasys is providing the ticketing system for the Tropical Island Waterpark in Kuala Terengganu in Malaysia. Covering 1.5 acres, the theme park is built on top of a man-made island and will be the first theme park for the northern east coast state of Terengganu. Facilities include horse rides, badminton courts, a club house, swimming pool, gymnasium and beach.

Chinese Contract

Galasys is providing E-ticketing and membership solutions to the Oriental Pearl and TV Tower based in Pudong, China. The tower, which is 468m tall, is one of Shanghai's cultural landmarks and was the first national 5A level scenic spot. Built in July 1991, it was first used in 1995 to provide radio and television transmission services over an 80km radius. In 1995, it was listed as one of Shanghai's top ten scenic spots. The tower has a space capsule, revolving restaurant, Shanghai urban landscape and galleries of historical developments.

Commenting on the announcement, Mr. Seah, Chief Executive, said:

"I am pleased that we have been able to complete another successful year with a strong financial and operating performance. We have continued to grow the business throughout 2015 and, with these latest contract wins, we now provide our solutions and services to over 170 amusement parks across China and South East Asia, compared to 60 sites at the time of our admission to AIM in May 2014.

"I look forward to reporting the full details of our results in May."

For further information, please contact:

 
Galasys PLC 
 Sean Seah / Teh Kim Seng                  + 6032858 9959 
WH Ireland (Nominated Advisor & broker) 
 Adrian Hadden/Mark Leonard                0207 220 1666 
Newgate (Financial PR) 
 Adam Lloyd/Bob Huxford/Helena Bogle       0207 653 9850 
 

About Galasys

www.Galasystec.com

Galasys is a leading integrated and modular amusement park solutions and services provider to premier amusement parks in China and South East Asia. Through its proprietary systems, the Group provides amusement park operators with the ability to sell, manage and analyse tickets, visitors, merchandise sales and other amusement park operations. It has been operating since 2005 and supplies solutions and services to more than 170 amusement parks in China and South East Asia. The Group has invested more than 50 man-years in R&D and owns the intellectual properties to its software and systems. The Group currently employs and retains more than 140 people across Asia.

In recognition of the quality of the Group's solutions and services, Galasys is a merit recipient for the prestigious 2015 ASOCIO ICT Awards in the category of Outstanding ICT Company.

For more information, please visit www.galasystec.com

This information is provided by RNS

The company news service from the London Stock Exchange

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February 04, 2016 02:00 ET (07:00 GMT)