(MENAFN- ProactiveInvestors)-- ADDS DETAIL COMMENT AND SHARE PRICE -- Galasys (LON:GLS) reported bumper sales and profit in its latest six months after winning a number of new contracts. The theme Park ticketing specialist saw revenue rise 43% to M$23.8mln (£3.5mln) in the six months to June 30 from M$16.4mln (£2.45mln) in 2014 with two third of sales in recurring and repeat revenue. Chairman Kim Seng Teh said: 'We expect to maintain the positive trends in the business during the second half of the year as our strategic long term objective of transforming from a project based business to a more recurring business model begins to bear fruit.' Sean Seah chief executive added that the sales pipeline is increasing and expects the group to expand its market coverage in China and other Asian countries. 'This is a good set of results in terms of profit and business is going strongly in the Asain market' Seah said. Pre-tax profit rose 22% to M$6.1mln (£910000) while cash in the business more than doubled to M$31.2mln (£4.6mln) following a M$20mln injection from Beijing Shiji Information Technology. Over the period the group won numerous contracts including a £500000 deal with Silver Base Group for Yinji Water Park among the 48 new installed-sites signed up. Yesterday the company signed a deal with Shanghai International Theme Park. The contract will run for five years and has a total value of approximately RMB6.6mln (£660000) with potential for further revenue in the management and servicing of its products. Due to open early next year Shanghai International Theme Park's Shanghai Disney will have six themed lands a huge castle in the middle of one of the lands and two dedicated hotels. Disney holds a 43% stake in Shanghai International Theme Park with Chinese state owned investment company Shanghai Shendi owning 57%. It will develop a platform for third parties such as travel agents to sell admission tickets for its Parks and theatres. It is believed to be the first outsourcing deal Disney has struck in Asia. Shares eased 0.4p to 32p today.
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