7th Feb 2014 09:42
LONDON (Alliance News) - SyQic PLC, the live TV and on-demand paid video content provider, said Friday its 2013 revenues and underlying profit are in line with market expectations.
The company provides live TV and on-demand paid video content on mobile phones and tablets through its Yoonic platform and listed on London's AIM on December 4 last year after raising GBP3.2 million in an oversubscribed flotation. It received GBP2.45 million to expand its business in the UK and continental Europe.
SyQic said the trading performance of the group during 2013 was strong, especially in the second half of the year, with revenues almost double that achieved in 2012, boosted by a particularly strong final quarter of the year.
It said net profit margins, excluding costs from its initial public offering, were substantially higher in the second half of 2013 as the increase in sales led to significant economies of scale.
The group said costs relating to the IPO "moderately" exceeded estimates, but the underlying level of profitability of the group was in line.
"The group has made significant progress in the period and our two content platforms are going from strength to strength, both in the core South-East Asian markets as well as the OTT roll-out," said Group Chief Executive Officer Jamal Hassim.
SyQic said the positive trading momentum has continued into the new financial year.
The group said it intends to announced its maiden preliminary results towards the end of April.
Shares in SyQic were trading 0.8% higher at 61.00 pence per share Friday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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