News Column

Shares In SyQic Jump On Mobile Streaming Revenue Growth

June 13, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Shares in SyQic PLC jumped during early trading Friday after it said its core mobile streaming business YooMob saw revenue of GBP2.0 million in the first quarter to end-March.

Shares in SyQic were trading up 29% at 44.39 pence Friday morning, making it the biggest gainer on AIM. The stock was up more than 50% soon after the open, at 53.00 pence.

The digital media company said the YooMob business saw encouraging trading in the two months following the quarter end, with total revenue of GBP1.6 million in April and May, and SyQic expects the "upward trend" in revenue to continue during the rest of the year

The service has seen customer take-up increase due to new content launched on the streaming platform, including new Korean television series and awards shows. SyQic will continue to add further titles and content during 2014.

In June SyQic will release a new Indonesia YooMob site with Indonesian internet service provider PT Smartfren Telecom, Tbk, which it said will be the first site using its YooMob Plus Service for a newer generation of smartphones, with enhanced content.

SyQic expects to launch the YooMob Plus Service to new and existing customers during the coming months.

Its major Indonesian telecoms partner PT Nextnation Prisma has switched its payment method for 2014, opting not to use a payment plan, which Syqic said will lead to it receiving payment "much more promptly".

The company expects to make a further announcement regarding its YooNic content platform over the next few weeks, it said.

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Source: Alliance News

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