Golden Saint Technologies Ltd (LON:GST), the integrated information and communication technology infrastructure solutions provider, today announced the Company’s results for the year ended 31 March 2019.
Highlights
· Admission to the Main Market of the London Stock Exchange in November 2018
· Appointed as a distribution, marketing, sales and services partner to P2 Mobile Technologies Limited for Smart Virtual Fiber®
· In December 2018 awarded a US$1 million data centre project in Thailand
· Signed a Strategic Cooperation agreement with IT Care Ltd in February 2019
Post Period End Highlights
· Signed a Letter of Intent (“LOI”) with Siam Motors Co Ltd (“SIAM”) detailing the parties intention to enter into a joint venture to build, own and operate a tier three data centre facility in May 2019
· Appointment of Wilson Teng Wai Leung as Managing Director of GST (Thailand) Private Ltd
Chairman‘s Statement
On behalf of the Board of Directors of GST, I am pleased to present the annual results of the Company for the year ended 31 March 2019, a year which included our admission to trading on the Main Market of the London Stock Exchange.
The Asian economy generally performed well during the reporting period, despite the geo-political uncertainties in the global economic environment. 2018 was a year of growth in Singapore with a 3.2% increase in GDP, while the information communication technology industry continued to grow strongly.
With our continued focus, our ICT Solution provider business made significant improvements in both its sales and operations in the period under review, and our Data-Centre Division (“DC”) also delivered fruitful results, with GST’s top-line revenues increasing by 46% in US$ terms to US$6.7 million (2018 US$ 4,6 million), an increase of approximately 50% in local currency terms. The Company made a loss mainly because of the costs of the admission to trading on the London Stock Exchange. I believe we have a well-balanced and diversified IT business that will continue to deliver healthy long-term value to the Group.
Solid Foundation for Growth
In the first quarter of 2019 the data centre industry continued to demonstrate strong resilience and high growth in emerging East Asian countries such as Thailand, Cambodia, Vietnam and Myanmar, following the robust growth achieved in 2018.
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. We are committed to providing a unique mix of innovative products and solutions for both our corporate and governmental clients.
New Corporate 4i Vision
To maintain its position as specialist regional integrated information and communication technology infrastructure solutions provider, the Group has adopted a powerful “4i” strategy offering:
· Infrastructure;
· Integration;
· Innovation; and
· Intelligence.
With the newly established technology focused vision comes a freshly formed experienced management team with strong experience in the ICT space and proven track records, this includes the recent appointment of Wilson Teng Wai Leung as Managing Director of GST (Thailand). The Board is aware of the need for succession planning and is forming a strategy to ensure continuity. The focus on new exciting growth opportunities in the technology space providing recurring revenues and profits remain key to the Company’s future strategy.
The Board believes that GST can leverage on its existing strengths and move into further profitable areas by providing innovative products and solutions and therefore expanding into new geographies with a more diversified client base.
Internet connectivity with significant demand for data remains strong in Asian emerging nations and is growing exponentially. We believe the Group is well positioned to capitalise on this opportunity in both the short and long-term.
The Group looks forward with confidence with its plans to deliver strong and healthy shareholder value in the current financial year.
I would like to take this opportunity to extend my upmost gratitude to our shareholders, clients, business partners and staff for their trust and continued support. I would also like to thank my fellow directors for their concerted effort and insights throughout the past year.
Tone Kay Kim GOH
Executive Chairman
Financial Review
For the 12 month period ended 31 March 2019 the Company reports revenue of US$6.6 million (2018: US$4.6 million) and loss before tax of US$0.38 million (2018: US$0.27 million), after the costs of admission to trading on the London Stock Exchange.
The net assets at 31 March 2019 amounted to US$2.3 million (2018: US$1.7 million).
Cash at the year end stood at US$0.9 million (2018: US$0.7 million).
