LONDON (Alliance News) - Mobile software and services company Globo PLC on Tuesday said the crisis in Greece has had a limited negative effect on its group operations and said that the country exiting the eurozone would effectively lower the company's underlying cost base.
The company, which has an office in Athens, said it derived 12% of its group revenue from Greece in 2014, but it expects this to fall to around 6-7% in 2015 due to the expansion of its international operations and not due to revenue taking hit in Greece. It said it has collected all receivables related to sales made in Greece in 2014.
The company said it is well-prepared for any situation which would see Greece exit the eurozone as the structure of its operations and growth profile is towards Western Europe and the US markets.
"Globo is an International operation with a clear focus on the markets of Western Europe and the US. Our Greek trading and exposure to operational and financial risks is limited to such an extent that a potential Greek exit from Euro would further improve our cost structure. Our trading performance remains strong and we are looking forward to another successful year of growth," said Chief Executive Costis Papadimitrakopoulos.
Globo shares were up 5% to 47.25 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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