The Directors of SyQic plc, (AIM:SYQ), the fast growing OTT provider of paid video content across mobile and internet enabled consumer devices, are pleased to announce the Company’s unaudited interim results for the six month period ended 30 June 2014.
Revenue increased by 424% to £4.59m (H1 2013: £0.87m)
Profit after tax increased by 2,643% to £0.96m (H1 2013: £0.035m)
Earnings per share increased by 1,700% to 4.14p from 0.23p
Net cash at 30 June 2014 of £0.45m (H1 2013: £0.12m)
POST PERIOD HIGHLIGHTS
Acquisition of Maaduu, an online video-on-demand service providing high-value Korean content, for circa. £1m
Share placing to raise £1.85m
January and February payments totalling £0.63m received from our major Indonesian partners
Partnership with Fortumo enabling direct mobile billing of OTT customers on a global basis
£1.96m combined revenues recorded for July and August 2014
Jamal Hassim, Group Chief Executive Officer of SyQic, commented: ““We are delighted with our performance during the first half of 2014, during which time we achieved strong growth in revenues and profits. In addition, we achieved improved payment terms with our major Indonesian partners on current year billings and our long-term receivables continue to be reduced.”
“Post the period end we announced the acquisition of Maaduu which, in-line with our strategy, will enable us to realign our portfolio of content to focus more on in demand Korean drama and music. The acquisition also expands our customer base, will enable us to exploit advertising revenue streams and is expected to provide a number of business synergies going forward.”
“In addition, we successfully launched our OTT service offering during the period, which we believe will benefit greatly from our recently announced partnership with Fortumo, enabling customers to pay us directly for content via their mobile phones.”
“These positive strategic developments, combined with the continuing growth of our core business post period end, enable us to look to the future with confidence.”
Click here for the full announcement
For further information:
Jamal Hassim, Group Chief Executive OfficerTel: +44 (0) 20 7933 8780
Steve Elliff, Chief Financial Officerwww.syqic.com
Allenby Capital Limited
Alex Price / Jeremy PorterTel: +44 (0) 20 3328 5656
Walbrook, Financial PR and IR
Bob Huxford / Guy McDougall / Sam AllenTel: +44 (0) 20 7933 8792
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 international OTT services for the Bangladeshi and Filipino communities in the UK, Malaysia, and Singapore and these services will soon be launched in other regions. Other migrant content launches are planned in the near term.