16th Mar 2015 08:11
LONDON (Alliance News) - RapidCloud International PLC Monday said it expects to report a revenue increase of about 60% for 2014, and expressed growing confidence for 2015 as it is trading broadly in line with market expectations.
The cloud computing company expects to post revenue of MYR18.3 million for 2014, compared with MYR11.3 million in 2013. It expects to post net profit before exceptional costs in line with market expectations.
According to forecasts provided by Morningstar, Allenby Capital Ltd expects RapidCloud to post a pretax profit of GBP460,000 for 2014.
During the year the company opted to convert some of its third party associates in the Philippines and Thailand into operating subsidiaries, which helped boost revenues for 2014, alongside its expansion in Singapore after the acquisition of Exxelnet Solutions Pte Ltd.
RapidCloud said that 2015 has started well, with strong uptake of its products and services to date.
It expects to announce its 2014 results in the week started May 25.
"2014 was another year of significant progress on a number of fronts for RapidCloud and I am delighted to announce trading for the year shows both operational and financial progress with full year results expected to be broadly in line with market expectations for the second consecutive year. We look forward to continuing this progress in the current year with growing confidence," said Managing Director Raymond Chee in a statement.
Shares in RapidCloud are untraded Monday. It last closed at 30.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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