Thalassa revenue almost halves in first half

Thalassa Holdings announced its financial results for the six months to 30 June on Tuesday, with revenue falling to $5.2m against $9.9m for the same period last year.

The AIM-traded company’s gross profit was $2.9m, down from $4.2m, although its gross margin rose to 56.7% against 42.2% a year ago.

EBITDA fell to $0.5m from $1.5m, adjusted group net profit rose to $1m from $0.7m, and group net profit doubled to $0.8m from $0.4m.

Adjusted group earnings per share doubled to four US cents, with Thalassa reporting a book value per share of $1.17, against $1.61 in the first half of 2015.