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Thalassa swings to FY pretax profit, updates on ARL

By BFN News | 09:22 AM | Wednesday 12 April, 2017


Thalassa Holdings has swung to a FY pretax profit of $2.5m, from a loss of $11.8m, despite a fall in revenue. "On 23 January 2017 we issued a trading update in which we stated, "The Board's current view for 2017 is one of cautious (but unpredictable) optimism. Our optimism today remains cautious," the company said. Thalassa added that it was more than satisfied with progress being made at Autonomous Robotics Ltd. Since November 2013, Thalassa had invested more than $6.5m into ARL and would continue to provide certain funding, although external investment would now also be sought. "We have reached a point in the development of the ARL node where we need to increase the level of investment to bring the product to market, as was always planned," said Thalassa chairman, Duncan Soukup. At 9:22am: (LON:THAL) Thalassa Holdings Ltd share price was -5.5p at 60p Story provided by StockMarketWire.com

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