18th Feb 2015 07:46
LONDON (Alliance News) - SyQic PLC Wednesday said it expects to post 2014 operating profit in line with market expectations, as it saw revenue more than double.
The digital media provider said revenue rose to GBP10.7 million from GBP4.7 million in 2013. Its revenue performance continued to remain strong in January, SyQic said, and it expects this continue throughout 2015.
SyQic's Korean video content streaming platform cool2vu, previously branded Maaduu, has already begun generating advertising revenues with brands including Sony Corp committing budgets to the platform. As a result, the company is expecting a "positive" year of financial and operational progress, alongside subscription growth in its incumbent telecommunication services.
Its core telecommunications brand Yoomob has been established in Myanmar, SyQic said, and its partnership with UK GlobeTel Ltd in the UK is expected to be a key growth driver in Europe.
The company had net cash of GBP220,000 at the end of 2014, compared to GBP1.08 million a year before, due to its investment in content licensing and the rebranding of cool2vu.
"The group has made significant progress during this period in terms of improving revenue generation from our core Telco products whilst at the same time laying firm foundations for the development of our exciting new over-the-top product," said Chief Executive Jamal Hassim in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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