SyQic (AIM: SYQ), the fast-growing provider of live TV and on-demand video content across mobile and internet-enabled consumer devices, will hold its annual general meeting (the “AGM”) today at 10:00 a.m. at the offices of Allenby Capital Limited, 3 St. Helen's Place, London EC3A 6AB. At the meeting SyQic will provide the following announcement and trading update:
‘Trading in the first half of 2015 has continued to accelerate in line with management expectations. In particular, Cool2vu is showing signs of strong growth potential across Southeast Asia, Europe, South America, Central America, India and the Philippines as the emerging advertising revenue stream and the cross-selling of our services to our telco partners begins to deliver positive financial results for the Group. The Cool2vu service is expected to grow further post expansion into North America and Australasia during the second half of the year. Since launch, the Cool2vu service has been accessed by more than 149,000 users in 184 different countries, with an average session duration in excess of 40 minutes.
Yoomob continues to grow revenue through its transactional revenue model, and the dependence on the Group’s primary Indonesian customer has reduced further over the past six months.
As stated in our recently published results for the year ended 31st December 2014, the balance sheet has strengthened in the period since the year end. The level of long-term receivables has continued to fall and the net cash balance stood at £0.6m as at 30 June 2015 (H1 2014: £0.4m).’
The Company intends to release its results for the six month period to 30 June 2015 towards the end of September 2015.
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
Guy McDougallTel: +44 (0) 20 7933 8790
Notes to Editors:
SyQic is a fast-growing provider of live TV and on-demand video content across mobile and internet-enabled consumer devices. Incorporated in Jersey and headquartered in the UK, it has a significant service footprint in Singapore, Indonesia and Malaysia.
The Group launched its new Korean content service called “Cool2vu” in Malaysia, Singapore and Indonesia in January 2015 streaming high demand Korean content utilising an advertising revenue model. The service has since been expanded to include Europe, South America, Central America, India and the Philippines.