16 Nov 2015 07:00
Release 0700 Monday 16 November 2015
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / Index: AIM / Epic: PCGE
Trading Update
PCG Entertainment Plc (AIM: PCGE), the AIM listed Asia-Pacific online gaming and media company today released an update on activities for the July/August/September 2015 trading quarter.
The Company was readmitted to AIM in August 2015 following the acquisition of Center Point Development Corporation (CPDC), distributors of gaming software and services in Asia. PCGE acquired CPDC for US $10m in June 2015, payable in shares, with a further payment due of $10m (also in shares) if CPDC meets certain performance targets.
Unaudited figures show PCGE's Group revenue in Q3 2015 rose to around USD $6 million from Q3 2014 Group revenue of $1,112. The Company's operating profit in the same quarter for 2015 is around $400,000 up from Q3 2014 losses of $2,217,089.
Nick Bryant, CEO, commented "These results demonstrate the effectiveness of the group strategy in expanding in the Chinese media and games market both through organic growth and by acquisition. I am extremely grateful to our shareholders for their continuing support and I look forward to being able to issue a further trading update in January."
PCGE is focused on the development of business in the media and gaming industry across the Asia-Pacific region. It aims to continue growth through further acquisition and exploitation of licenses in China, and the acquisition of CPDC represents an important first step in the process.
Bryant continues "The CPDC acquisition increases the number of territories in which PCGE has a presence and enables us to benefit from the gaming experience, local knowledge and strong relationships the CDPC management has with major gaming software distributors and agents."
The media and gaming sectors are among the fastest growing in China, and analysts calculate will grow substantially to over US$22bn during the coming year.
CEO Bryant has spent more than 30 years in the media industry working for broadcasters including SKY as Commercial Director, Showtime Arabia Ltd, Middle East Broadcasting Centre FC LLC ("MBC") and managing sponsorship and digital media companies.
He adds "in recent months there has been significant adverse sentiment towards the AIM market and in particular Chinese stocks, but I think it's fair to say that PCGE, having been through two thorough admission processes, once for the first admission and again for our re-admission post the CPDC takeover, demonstrates transparency and accountability in its business."
In addition, PCGE's business continues to expand in the areas of general media and the Group will continue to update the markets during the course of the year.
For more information on PCGE please visit the Company's website www.pcge.com
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Enquiries:
PCG Entertainment Plc | www.pcge.com |
Nick Bryant, Chief Executive Officer | Tel: +44 20 7562 7653 Tel: +44 77 3632 7041 |
Richard Poulden, Non-executive Deputy Chairman | Tel: +971 504 524 994 |
Clive Hyman, Chief Financial Officer | Tel: +44 20 7562 7653 |
Sanlam Securities UK Limited | |
Simon Clements/Virginia Bull | Tel: +44 20 7628 2200 |
Beaufort Securities Limited | |
Elliot Hance/Saif Janjua | Tel: +44 20 7382 8300 |
Damson PR | |
Abigail Stuart-Menteth | Tel: +44 207 812 0645 Tel: +44 7855 526550 |