29th Sep 2015 10:29
LONDON (Alliance News) - SyQic PLC Tuesday expressed confidence for its future as it reported a rise in pretax profit for the first half of 2015.
SyQic provides live television and on-demand video content for mobile devices.
For the half year to end-June the company reported a pretax profit of GBP1.4 million, up from GBP960,000 a year before, as revenue rose to GBP6.0 million from GBP4.6 million. During the half year it made a charge against reserves of GBP700,000 related to translation losses due to the ongoing pressure on the Malaysian ringgit. It expects to report further foreign exchange losses in its second half.
The company said that whilst its core telecoms business, Yoomob, performed well during the period the re-branding and subsequent launch of its on-demand video product Cool2vu has allowed it to realign its content portfolio towards high-demand Korean drama and music, which it said has allowed it to expand its customer base, create advertising revenue streams and provide a number of new revenue opportunities.
"SyQic is now well placed to leverage its unique industry position as the global video streaming market expands and we continue to look for new geographical markets and new revenue opportunities to drive the business forwards," said Chief Executive Officer Jamal Hassim in a statement.
Shares in SyQic were up 0.4% at 29.62 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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