News Column

Globo Confident On Prospects As First Half To Beat Expectations

July 28, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Globo PLC said Monday it performed ahead of market expectations in the half year to end June, underpinning its confidence in its future prospects.

The mobile and software services company said it had seen revenue of EUR46.5 million in the first half, slightly ahead of market expectations, and up from EUR32 million in the previous year. Revenue growth was driven by organic licence and services growth, it said.

As a result, it said it expects its interim pretax profit to be slightly ahead of market expectations.

Globo's cash position at June 30 was EUR67.8 million, up from EUR64.2 million at the end of 2013.

The company said sales for its GO!Enterprise product were up 95% at EUR19.9 million from EUR10.2 million. Its Consumer mobile services saw revenues of EUR20.1 million, up 12% from EUR17.9 million.

It acquired Sourcebits Inc during the period, which it has integrated into its Mobility Business Services division. Additionally, following its acquisition of Notify Technology Inc, it has expanded its operations in the US.

Globo Technologies SA, in which Globo has a 49% interest, continued to grow strongly during the period on contract wins and demand for its IT solutions.

"We remain confident about our future prospects. In particular, the successful acquisition of the services division of Sourcebits Inc allows us to increase our exposure to the Mobile Application Development Platform market for enterprise customers," said Chief Executive Costis Papadimitrakopoulos in a statement.

Shares in Globo were trading up 5.7% at 50.72 pence Monday midday.

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Source: Alliance News

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