Thalassa improves forecasts for WPG Group's FY pre-tax profit, revenue

21st Nov 2016 13:04

(ShareCast News) - Thalassa anticipates wholly owned subsidiary WGP Group (WGPG) will book full-year results that beat the expectations for revenue and pre-tax announced stated back in September.Directors were now hiking their estimate for WGPG's full-year revenue to $13.9m and for pre-tax profit to $1.6m. In September, they expected revenue of $10.5m and pre-tax profit of $1.1m."These improvements are the result of the $2m in late data sales announced on 10 October 2016, increased operational days and vigorous cost management," the company said. AIM-quoted Thalassa said its revised estimates for WGPG incorporated substantial provisions for higher personnel related costs, and contingencies for maintenance repair and replacement, as well as for equipment upgrades that have been identified and would be incurred in 2016."Due to the challenge of quantifying the above mentioned costs at this juncture, the board has taken a very conservative view on provisions which it would hope are in excess of final requirement and which could result in a further increase in pre-tax profit of up to $1.5m."At about 13:00 GMT, shares in Thalassa were up 13.16% to 43p each.