24th Sep 2013 10:22
LONDON (Alliance News) - RapidCloud International PLC Tuesday showed increases in revenues and pretax profits in its first interim results since starting trading on AIM.
For the half-year ended June 30, RapidCloud posted revenues of MYR4.8 million, up from MYR3.5 million in the previous year. The company had a pretax profit of MYR1.9 million, up from MYR887,000.
New product launches in South East Asia helped to boost revenues, and the company also benefited from participation in two government schemes in Malaysia to promote the use of cloud services. It said that small companies in Malaysia are able to claim a grant of MYR1,000 from the Malaysia Communications and Multimedia Commission as part of an initiative, which it hopes will help to accelerate the sales of its services in Malaysia.
In June the company also was awarded Multimedia Super Corridor status and pioneer status, allowing it to benefit from tax breaks in Malaysia over the next ten years. It said that it expected this to positively impact its earnings over the next decade.
In a statement the cloud services company said that it was increasing its investment in its sales force, skills, product offering and infrastructure as it continues its expansion in South East Asia.
Results for the second half of the year are generally stronger, the company said, and it expects for this trend to continue in this financial year.
Shares in RapidCloud were trading up 4.9% at 107.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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