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Galleon Holdings

  • BY: Andrew Hore |
  • POSTED: 04/02/2011 |

Entertainment content and distribution business Galleon Holdings has reported a £20.2m loss in the year to September 2010 because of its failure to secure expected contracts in the period. 

Most of the loss is accounted for by write-downs of intangible assets and goodwill. It was difficult to obtain sponsorship funds for entertainment formats and TV launches have been delayed.

Revenues fell from £27.1m to £14.7m. The underlying loss was £2m, against an underlying profit of £1.03m in 2008-09.

Galleon reported a loss of £819,000 on revenues of £7.97m in the six months to March 2010.

Despite the loss there was a cash inflow from operations. Investment in intangible assets meant that there was a fall in net cash from £4.51m to £2.85m.

Galleon intends to focus on its digital games and content publishing business in China, with an initial focus on games content. Galleon had problems with the mobile market in China and it expanded into online in the second half of last year. The social games market is forecast to be worth $400m by 2013.

Galleon has entered a joint venture with Chinese broadcaster broadcaster Qinghai Satellite TV.

The Sokator-442 animated film has been completed. There is also an online game and a TV game show.

At 2.62p a share, Galleon is valued at £4.39m.

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