23rd Jun 2015 07:57
LONDON (Alliance News) - Television and on-demand content provider SyQic PLC Tuesday expressed confidence for 2015, as revenue more than doubled in 2014, lifting profit.
SyQic posted a pretax profit of GBP2.1 million for 2014, compared to a pretax profit of just GBP100,000 a year before, as revenue more than doubled to GBP10.7 million from GBP4.7 million and as costs related to its listing on AIM did not recur.
Revenue growth was primarily driven by a strong performance from the company's telecommunications business Yoomob, which saw increasing transaction numbers and an increase in average transaction value.
During the year the company also bought up Korean drama streaming service Maaduu, which it has since re-branded as Cool2vu. The company said the majority of customers for this service are from Malaysia, but it also is seeing encouraging growth patterns in South America and Europe. The service has started to generate advertising revenue, and SyQic expects this revenue stream to increase substantially as the service enters new markets.
"With an improved long-term receivables and cash position, the business is well placed to capitalise on the high growth market opportunity for our on-demand video content across all mobile devices," said Chief Executive Officer Jamal Hassim in a statement.
Shares in Syqic are trading up 5.1% at 41.50 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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