TIDMSCGL
RNS Number : 5347D
Sealand Capital Galaxy Limited
29 October 2020
Strictly embargoed until: 07.00, 29(th) October 2020
Sealand Capital Galaxy Limited (LSE: SCGL)
Unaudited Interim Results for the six months ended 30 June
2020
Sealand Capital Galaxy Limited (LSE: SCGL) announces unaudited
Interim Results for the six months ended 30 June 2020 with respect
to the Company and its subsidiaries (the "Group"). The Interim
Results are available to view on the Company's website at
http://scg-ltd.com/.
Nelson Law, Executive Chairman commented:
"Although 2020 started more positively, as China recovered from
the effects of COVID-19, the rest of the world was impacted
substantially, affecting our overseas subsidiaries. Travel to and
from most countries and particularly China had all but ceased.
"We are however encouraged by the signs of economic recovery in
Asia ahead of much of the world and an increased demand for digital
solutions which economic and other commentators believe will
outlast the passing of the pandemic.
"In an ever increasingly connected world, a process sped up
further by COVID-19, the e-commerce bridges we are building between
UK merchants and Chinese consumers seem more apposite than ever
before.
Operational and Financial Highlights:
-- Revenues increased by 130% to GBP276,648 (2019: GBP119,984),
despite COVID-19 and major disruption in Hong Kong due to the
Government protests
-- Reduced loss for the period attributable to shareholders of GBP383,625 (2019: GBP496,957)
-- The Group increased its holding in its digital marketing and
advertising subsidiary New Sky Global Media Limited ("NSG") from
55% to 75%
-- NSG continued to generate revenues from its contract to
create and manage an account on Douyin (also known as TikTok) for
Suncity Group Leisure Services Limited in China ("Suncity").
-- NSG secured a 12 month extension to its contract to promote
the Hoiana Suncity Resort in Vietnam.
-- NSG also won additional contracts to advertise Galaxy Macau
and the StarWorld Hotel, Macau to build Galaxy Macau's brand image
and promote the StarWorld Hotel's winter campaign.
-- NSG broadened its media channel coverage by becoming an
authorised overseas agent of Southern Metropolis Weekly and
Southern Metropolis Entertainment, both highly regarded Chinese
media outlets, with a high income target audience.
-- The formation of a new joint venture with Tenet, Tengwuwang
Holdings Limited ("Tengwuwang"), to create a new channel for
foreign merchants to sell their goods and services into the Chinese
market.
Post-period end developments:
-- ePurse business restructured to become a wholly-owned
subsidiary of Tengwuwang in partnership with Qfang International
Co. Limited ( " Qfang " ), a provider of a range of marketing,
advertising and e-commerce services on a variety of Chinese and
Southeast Asian digital platforms including Tmall International,
Alimama AMP and Lazada.
-- Formation (with Famous Biotech Co. Limited) of a second joint
venture company, Hyrax Holdings Limited ("Hyrax"), registered in
Hong Kong and the sole distributor of cod fish maw products in
China, Hong Kong and Macau.
-- ePurse signed a 24-month strategic partnership agreement with
JM International ("JM") to help it develop and execute its
ecommerce strategy for its Qiaohuajiao brand, including the launch
of the first fish maw flagship store on Tmall and promotion of the
brand to various Chinese media channels, generating strong brand
awareness and healthy initial sales.
-- ePurse began signing British merchants to launch and sell
their goods in China through Tmall stores in partnership with
Qianfan.
Commenting on the current strategy for the Group, Nelson Law,
Executive Chairman added:
"Taking into account the lack of travel, due to the global
pandemic, we have begun to refocus the business. We are now
leveraging our partner relationships with the likes of Tencent,
Tenet and Alibaba and using our knowledge of digital and social
media data, marketing, advertising and content generation to help
overseas merchants access the huge Chinese market and sell their
goods and services.
"We believe that our ability to offer commercial and logistical
solutions to businesses who are faced with increased social
distancing in a world that is certainly moving ever more rapidly
towards online shopping and away from physical stores will be
critical for the growth of the business.
"We are currently proactively pursuing a number of acquisition
opportunities; as well as forming new JVs and developing our
existing businesses to help us substantially scale the business and
take advantage of the relationships and expertise that we have
developed to date ."
-Ends-
Enquiries:
Sealand Capital Galaxy Limited
Law Chung Lam Nelson, Executive + 44 (0) 753 795
Chairman 9788
N ovum Securities Limited
+ 44 (0) 20 7399
David Coffman 9400
Notes to Editors:
The Company's Shares are traded on the Official List of the
London Stock Exchange's main market for listed securities under the
ticker SCGL.
Further information on Sealand is available on its website http://www.scg-ltd.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR UWABRRAURUAA
(END) Dow Jones Newswires
October 29, 2020 03:00 ET (07:00 GMT)
Sealand Capital Galaxy (LSE:SCGL)
Historical Stock Chart
From Apr 2024 to May 2024
Sealand Capital Galaxy (LSE:SCGL)
Historical Stock Chart
From May 2023 to May 2024