SyQic plc (AIM:SYQ), a fast growing OTT provider of paid mobile video content across mobile and internet enabled consumer devices, today announces its maiden set of preliminary results for the year ended 31 December 2013.
Revenue increased by 20% to £4.71 million (2012: £3.91 million) with revenues during the second half of 2013 almost double the revenues achieved in the same period in 2012
Profit before tax of £0.10 million (2012: £0.63 million) after IPO expenses of £471,000 and change of accounting treatment to fully expense development costs
Substantial increase in Group net cash position to £1.05 million as at 31 December 2013 (2012: £0.06 million)
Key achievements since IPO
Successful admission to AIM on 4 December 2013, raising £3.2 million via Allenby Capital (of which £2.5m was new equity capital) in an over-subscribed fundraise
Launch of the Group’s international Yoonic OTT Bangladesh service alongside a prepaid payment model and new distribution channels. These are significant milestones and are expected to be the key revenue drivers for the Group in the medium term
Launches scheduled for Yoonic OTT to a number of communities in the coming months and to be made available in Asia, Oceania, the Middle East, the UK, Western Europe and the US
Completion of significant technical enhancements of the existing YooMob platform (telco oriented service) during the period and continued footprint growth achieved into Indochina, South Asia and Africa
Established shared database, content encoding and processing, storage and video delivery infrastructure (achieving economies of scale and efficiency) for both Yoonic and YooMob
Continued ongoing technology development, alongside research programmes with major tertiary institutions in the UK and Singapore
Collaboration entered into with Tata and Amazon for video storage and distribution
Substantial growth of video content library, and growing alliances with major broadcasters and content producers
Jamal Hassim, Group Chief Executive Officer of SyQic, commented: “The Group has made considerable progress in terms of its technology development across both its YooMob and Yoonic platforms during the period. Following the pilot launch of the Yoonic OTT service in the UK in December 2013, we have now fully launched our OTT offering to the Bangladeshi community and are preparing for future launches to other migrant communities in the UK including Filipino, Nepalese, Polish, Turkish, Indonesian and Malaysian, amongst many others. At the same time, we have made substantial progress in increasing the breadth of our video content library to make our OTT service as compelling as possible.”
"Our YooMob platform continues to grow from strength to strength in Asia. We continue to build new telco operator relationships on an ongoing basis, to provide branded video services to their subscriber bases. Whilst our relationships with telcos remain important in the short to medium-term, going forward we view our OTT business as the key growth driver and the avenue with the most potential.”
“SyQic is operating in a market where market conditions are becoming increasingly conducive to consuming video content on mobile. In particular we believe that an increasingly mobile global population wants to maintain contact with their culture and uses video content to stay in touch.”
“Drawing from our experience with the Bangladeshi OTT launch, we expect to be able to announce a programme of additional OTT launches in the coming months. At the same time, we anticipate adding to our content library as well as evaluating potential acquisition opportunities.”
Click here for full FY2013 Preliminary Results Statement
FY2013 Preliminary Results Overview Video
SyQic Group CEO Jamal Hassim and CFO Steve Elliff discuss in this video the Group’s financial results for 2013.
Click here to view the video
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7398 7709
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Abchurch Communications Limited
Henry Harrison-Topham / Joanne ShearsTel: +44 (0) 20 7398 7709
Notes to Editors:
SyQic is a fast growing OTT (Over The Top) provider of live TV and on-demand paid video content across mobile internet-enabled consumer electronics devices such as mobile phones and tablets through its “Yoonic” platform. Yoonic utilises efficient mobile video streaming as its core offering and allows for close to high definition streaming, utilising adaptive bit-rate streaming technology that matches the available bandwidth through the Group’s proprietary encoding methodology, and can stream as low as 80kbps.
The Group has access to over 40,000 hours of online video-on-demand content as well as over 200 live television feeds comprising English and International video content as well as content for a number of ‘home markets.’ The content is delivered through SyQic’s platforms via a number of channels in the movies, drama, music, sports, news, lifestyle and general entertainment genres.
The Group, which is incorporated in Jersey and headquartered in the UK, already has a significant service footprint in the Philippines, Indonesia and Malaysia. The Group has recently launched an international OTT service for the Bangladeshi community in the UK and Malaysia, with Singapore and the Middle East to follow. The Filipino and other migrant content launches are planned in the near term for the UK, Europe, the Middle East and the Far East.