16th Jul 2008 07:00
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FOR IMMEDIATE RELEASE |
16 July 2008 |
Globo plc
HALF YEAR PERIOD END TRADING UPDATE
Globo plc ("Globo"; LSE-AIM: GBO), a leader in the Information and Communications Technology market in Greece, is pleased to present an update on trading for the six months ended 30 June 2008, its first since Admission to AIM in December 2007.
The strong momentum experienced in 2007 has continued into the current year. Despite seasonal trends whereby the first half of the year is typically quieter than the second half, performance during the first half year has been towards the top end of management's expectations with revenue expected to show a growth of over 70% when compared to the pro forma revenues for the same period in 2007. Profit before tax margins are expected to be slightly ahead of those for the same period last year.
Order intake during the period has been strong including a number of substantial digitalisation contracts that have been signed with public sector clients including the Greek Ministry of Mercantile Marine, the Greek Ministry of National Education and Religious Affairs and the Parliament of Greece. These, together with a significant number of smaller private sector contracts, mainly focused on e-business platforms, have resulted in the forward order book increasing to €9.3 million as at 30 June 2008 (31 December 2007: €3.6 million), the bulk of which is expected to be delivered during the current year.
Good progress has been made during the half year in developing Globo's operations. An operating subsidiary has been established in Romania with the expectation that in-country sales will commence towards the end of 2008. Planning for additional operating subsidiaries in Cyprus and Bulgaria is under way. Globo has been operating in Cyprus since 2007 through a reseller network and expects to achieve a stronger market presence with a wholly owned operating subsidiary.
Globo's non-executive Chairman, Brett Miller commented: "Globo has made excellent progress in the first half of 2008. The second half of the year is traditionally the strongest trading period for Globo and we start this period with a record forward order book and a good pipeline of potential new business in both the private and public sectors. We are confident of achieving a good result for 2008 as a whole."
Globo expects to announce its full results for the six months ended 30 June in September.
END
CONTACTS
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Globo plc |
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Costis Papadimitrakopoulos, Managing Director |
+30 210-646-6008 |
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Dimitris Gryparis, Finance Director |
+30 210-646-6008 |
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Bankside |
+44 20-7367-8888 |
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Simon Bloomfield or Steve Liebmann |
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St Helen's Capital Plc (Joint Broker) |
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Ruari McGirr |
+44 20-7628-5582 |
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NCB Stockbrokers Limited (Nomad & Joint Broker) |
+44 20-7071-5200 |
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Christopher Caldwell or Jonathan Gray |
About Globo
GLOBO plc was admitted to AIM in December 2007. Founded in 1997 by Konstantinos Papadimitrakopoulos and headquartered in Halandri (a suburb of Athens), Globo has established itself as one of the market leaders in the Greek ICT market. It provides e-business and telecom software products and related services to the private and governmental sectors in Greece as well as developing and operating broadband wired and wireless networks. It has developed to become one of the largest e-business software and S.a.a.S. vendors in Greece. For further information please go to www.globoplc.com.
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