China Eastsea moves to AIM
Richard Sermon (pictured) is chairman of corporate communications consultancy Gryphon Corporate Counsel, and holds non-executive posts at various companies including US-headquartered PR firm The PBN Company.
China Eastsea is incorporated in Jersey and its services include both IT consulting and the custom building, implementation and maintenance of software systems. Its clients are in the petroleum, petrochemical, power and telecoms industries, as well as the public sector.
The company was formed in 2003 as a buy-out of the IT department of Chinese energy giant Sinopec, which is now a key customer expected to provide revenues of at least £1.6 million a year for the remainder of its contract with China Eastsea, which has 16 years to run.
Turnover for the year ending February 2007 was £8.8 million, double that of
the previous year. Pre-tax profits were £2.3 million, 28 per cent higher than the year before.