Annual results announcement for the year ended 31th December 2016

Annual results announcement for the year ended 31th December 2016

 
For the year 2016, the Group continued to evolve with our exciting growth strategy. In 20 May 2016, we have further acquired another 39% stake of our very successful Canadian video gaming studio, Digital Extremes Ltd. (“Digital Extremes”) and have increased our effective control to 97%. Our flagship video game, Warframe has also become one of the top free-to-play PC and console video games globally last year. After months of negotiation, we have signed Sell and Purchase Agreements back in the third quarter last year to acquire Splash Damage Limited, Fireteam Limited, and Warchest Limited from their UK owner for a consideration not exceeding US$150m. On 30 September 2016, we also managed to dispose the poultry business in China, which has been struggled since 2013, despite numerous failed efforts in restructuring, rationalisation, and cost cutting. Upon the completion of our UK acquisitions, the Group sets to emerge into 2017 as an international video gaming franchise. As an ongoing strategy, we intend to grow our portfolio of successful and profitable gaming companies through acquisitions in the more advanced markets. We are also confident that synergies would be generated among our studios, and we expect new game pipeline, new projects and initiatives such as partnership arrangements would underpin the Group’s long term growth prospects.

 
The link to the announcement can be found at below link.

http://leyoutech.com.hk/wp-content/uploads/2016/03/LTN20170331079.pdf