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Galasys expects ‘in line’ results, but cautions over legal costs

The Asia focussed ticketing group highlighted numerous and significant contract wins in 2015.
Galasys expects ‘in line’ results, but cautions over legal costs
Galasys has systems installed for 170 attractions in China and South East Asia.

Asia focussed ticketing systems group Galasys (LON:GLS) said it expects financial results for 2015 to be in line with market expectations.

Galasys said it won numerous and significant new contracts during the year, in addition to its repeat business, and highlighted that it two most recent contracts were worth a combined £290,000.

Sean Seah, Galasys chief executive, said: "I am pleased that we have been able to complete another successful year with a strong financial and operating performance.”

The company added, however, that it is likely that certain one-off exceptional items relating to an ongoing litigation will cause pre-tax profits and earning to be reduced in 2015.

It also pointed out that it is possible that profits could be materially below expectations if the court makes Galasys pay the legal costs.

Highlighting the company’s commercial successes Seah said that contract wins in 2015 mean the group’s systems are now used at more than 170 attractions across China and South East Asia, compared to 60 sites at the time of the Galasys AIM float in 2014.

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