18th Jul 2014 09:51
LONDON (Alliance News) - SyQic PLC said Friday that it is confident in meeting its full-year expectations, buoyed by trading and product launches in its first-half.
In a statement released ahead of its interim management statement the over-the-counter paid mobile video content provider said it has made good progress in its telco product line 'YooMob' division and that it has launched a new enhanced telco platform since reporting its preliminary results in May.
SyQic said it has also announced an upward trend in revenues in its telco division.
The company has launched its YooMob Plus service in Malaysia, a move it believes will lead to increased customer engagement and content purchases.
SyQic added that that repayment of outstanding 2012 and 2013 billings from its major Indonesian telco customer, PT Nextnation Prisma, is progressing in line with the agreed payment plans; MYR5.7 million, approximately GBP1 million, has now been received to date, said the company, it expects to start receiving 2014 revenues soon.
Looking ahead the company said that in order to help accelerate entry into new markets the group needs to partner with payment providers that have a global footprint. "I can announce today that we are in the process of concluding an agreement with Fortumo, an international mobile payment provider that facilitates mobile payments in 78 countries. This tie-up will allow for the Group to offer the Yoonic OTT service across many countries, even where SyQic does not have a ground presence," said Group CEO Jamal Hassim in the pre-AGM statement.
Shares in SyQic were trading 4.92% lower at 58.00 pence per share Friday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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