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PCG raises £400,000; says it was profitable in H2

The fundraising announcement was accompanied by the firm’s results statement for the year to last December.
PCG raises £400,000; says it was profitable in H2
Recent acqusition Center Point Development Corp is a specialist in online gaming.

PCG Entertainment Plc (LON:PCGE) said it was ‘operationally profitable’ in the third quarter of the last financial year as it revealed it had raised the £400,000 of new capital.

It did so via a placing of stock at 0.275p. The proceeds will be used for general working capital purposes.

The fundraising announcement was accompanied by the firm’s results statement for the year to last December.

The figures charted PCG’s transformation after the reverse takeover of Center Point Development Corp.

CPDC is a games and gaming software distributor in Taiwan and the deal boosted annual revenues to US$10.9mln from US$4,450 for the comparable period 12 months earlier.

AIM-listed PCG posted a loss of US$2.03mln. However the momentum was positive in the latter part of the year with a modest surplus in Q3, which “more than doubled” in the final three months of 2015.

“The company is involved in a number of additional projects involving programme distribution and sport and we intend to provide regular updates on their progress,” said chief executive Nick Bryant.

PCG said it hoped to come to an “amicable resolution” in a dispute over trading terms with one of its customers.

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