TRADING UPDATE ON YOOMOB SERVICE AND LONG-TERM RECEIVABLE
SyQic plc (AIM:SYQ), a fast growing OTT provider of paid mobile video content across mobile and internet enabled consumer devices, is pleased to announce the following trading update in relation to the Group’s core telco business, YooMob.
YooMob generated revenues of approximately £2.0 million (unaudited) in Q1 2014. Trading subsequent to that has been encouraging with combined revenues for April and May 2014 of just under £1.6 million (unaudited). The board anticipates that this upward trend will continue during the rest of the current financial year.
The growth in YooMob revenue has been primarily attributable to increased user take-up across all of the Group’s telco service platforms. This increase is largely attributable to new content channels on the YooMob platforms showing new Korean hit series’ and awards shows. SyQic has a rolling programme to add compelling video titles and content planned for the rest of the year.
The Group expects that performance in Q3 2014 will demonstrate further growth following the launch of a new Indonesian YooMob site with SmartFren on 9 June 2014. SmartFren is a leading Indonesian internet service provider. This is significant as it is the debut of the YooMob Plus technology platform which caters for the new generation of smartphones and delivers enhanced content. The Group anticipates further launches of the YooMob Plus Service in the coming months with both new and existing telco customers.
SyQic’s major Indonesian telco customer has confirmed to the Company that 2014 billings will not be on a payment plan and will be paid much more promptly going forward. Our major Indonesian partners continue to adhere to the previously agreement payment plan for 2012 and 2013 revenues and all scheduled payments have been made. To date RM 4.8 million (approximately £902,000) has been received under the agreed payment plan and the debt is continuing to be paid down.
SyQic will be making a further positive announcement in relation to the Yoonic OTT service within the next few weeks.
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 7719
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.