LONDON (ShareCast) - Intellectual property group Galleon posted maiden profit for the half-year thanks to the integration of recent acquisitions.
It jumped into profits of £284,000 for the six months to March from the loss of £357,000 before on revenue that increased to £5.79m from £2.36m before.
The group said each of its divisions has continued to gain momentum, which will continue into the second half of the year. It is steadily executing its business model in the emerging markets, particularly in China.
“The first six months of this financial year have been very solid as the Group moves into a profitable phase of growth,” said the group.
“This is a huge achievement by the management which has generated a profit in a period when they acquired and then integrated Phoenix and Yunbo in China and South East Asia,” it added.
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