Golden Saint Technologies Limited (LON:GST) shares gained as the information and communication technology firm reported a strong rise in full-year revenue and issued a positive outlook.
The group said revenue rose to US$6.6mln in the year ended March 31 from US$4.6mln in 2018.
Net assets rose to US$2.4mln from US$1.8mln a year ago.
Golden Saint Technologies made a loss of US$385,000, compared to a profit of US$270,000 last year, but this was largely due to costs related to its reverse takeover of Singapore-based tech firm EMS Wiring Systems Pte Ltd.
The company was previously called Golden Saint Resources when it was an early stage gold and diamond explorer but changed its name last April following the reverse takeover.
READ: Golden Saint Technologies says group managing director, Pierre Fourie has resigned; appoints MD for Thai project
The group cancelled its shares on AIM and re-listed on the standard section of London’s main market as an ICT company in late November.
A month later the company was awarded a US$1mln data centre project in Thailand.
More recently, it signed a strategic co-operation agreement with IT Care in February of this year and a letter of intent with Siam Motors Co in May to enter into a joint venture to build, own and operate a tier three tier three data centre facility.
The company said in the last year its ICT Solution provider business made “significant improvements” in both its sales and operations in the period under review, while the data centre division delivered “fruitful results”.
“The group believes the demand for ICT, data centre products and associated services from South East Asia which includes Philippines, Malaysia and Indonesia, will continue to grow,” executive chairman Tone Kay Kim Goh said.
He added: “The group looks forward with confidence with its plans to deliver strong and healthy shareholder value in the current financial year."
Shares rose 5.4% to 0.2p in morning trading.