12th May 2014 11:12
LONDON (Alliance News) - InternetQ PLC said Monday that it had traded in line with expectations in the first quarter to end-March, seeing adjusted earnings before interest, tax, depreciation and amortisation rise 59%.
The company said its EBITDA had risen to EUR5.2 million during the first quarter, as revenue rose 68% to EUR30.3 million driven the growth of mobile internet, and strong performances in emerging markets.
It said that mobile internet is "expected to overtake fixed broadband by as early as 2017," and noted that "mobile use in emerging markets is tracking above broadband and in a large number of those markets, mobile is the universal standard for internet access and electronic payments."
InternetQ said its acquisition of Interacel Holdings LLC has been fully integrated, and has boosted its performance in Latin America as it won further deals in the region.
Its music streaming service Akazoo performed well during the quarter. It won a contract with Orange Polska, Orange S.A's majority owned Polish telecommunications provider, for the service, and Akazoo will be bundled in deals with Orange Poland starting in June.
The company also signed distribution agreement in Indonesia and Malaysia for the service, and a distribution partnership with an Indonesian mobile operator for Akazoo.
Shares in InternetQ were trading up 6.0% at 327.62 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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