SyQic plc (AIM:SYQ), a fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, today announces its final results for the year ended 31 December 2014.

  • Revenue increased by 127% to £10.7 million (2013: £4.7 million)

  • Substantial increase in profit before tax of 250% to £2.1 million (2013: £0.6 million before AIM transaction costs of £0.5 million)

  • Cash less overdrafts of £0.22 million (2013: £1.05 million) following investment in 2014 into premium content licensing and the comprehensive redesign work for the launch of new Korean content streaming service

  • Significant decrease in long‑term receivables balance to £0.8 million (2013: £2.3 million) as payment terms with Indonesian customers improve

  • Raised £1.85m before costs through a placing to certain institutional and other investors

  • Reduction in revenue dependence on main Indonesian customer

  • Purchased the operating assets of the Korean content streaming site Maaduu, subsequently rebranded as ‘Cool2vu’

  • Established the Group’s core telco brand in Myanmar, after entering an agreement with Blue Ocean Operations Management Ltd

  • Completed a successful migration to a global networking and hosting solution giving more capacity at a lower cost

  • Yoomob transaction numbers increased from 9.6 million in 2013 to 21.5 million in 2014

  • 6.7 million Yoomob subscriptions have been booked as at the end of April 2015 with a revenue value of approximately £4.0 million (unaudited)

  • Strategic partnership with global streaming site Viki secures additional content and advertising revenues for SyQic

  • Cool2vu later made available to users in Southeast Asia, Europe, South America, Central America, India and the Philippines through an expansion of the partnership with Viki

  • The Directors remain comfortable on the level of the Group’s cash balances which are currently in excess of £650,000 (when factoring the receipt of a further payment from the Group’s key Indonesian customer which is in transit and anticipated to be received in the coming few days)

  • A working capital facility of up to £3 million including a bank guarantee facility of up to £370,000 entered into with a Malaysian bank, Al Rajhi Banking & Investment Corporation (Malaysia) Bhd.

  • Since launch the Cool2vu service has been accessed by more than 120,000 users in 181 different countries with an average session duration of 38 minutes

Jamal Hassim, Group Chief Executive Officer, commented: “The Board is delighted with the progress made during 2014, which saw not only a significant increase in revenues and earnings, but also the strong foundations for a bright 2015 and beyond.”

“Furthermore, a great deal was achieved with our existing services, whilst also expanding through the acquisition of Maaduu, now called Cool2vu, which has led to rapid geographic expansion of our footprint in the first half of this financial year.”

“With an improved long-term receivables and cash position, the business is well placed to capitalise on the high growth market opportunity for our on-demand video content across all mobile devices.”

Click here for full Final Results SyQic plc 2014

For further information:

SyQic plcTel: +44 (0) 20 7933 8780

Jamal Hassim, Group Chief Executive Officer(via Walbrook)

Steve Elliff, Chief Financial

Allenby Capital LimitedTel: +44 (0) 20 3328 5656

Alex Price / Jeremy

Walbrook, Financial PR and IRTel: +44 (0) 20 7933 8790

Guy McDougall / Paul Cornelius / Sam

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