GBO.L Share News (GBO)

Globo, which supplies mobile and telecom software products, said full-year profits will be in line with expectations as revenue from continuing operations grew 57 per cent to 72m euros.Operating profit improved, driven by a 155% increase in sales of GO! Enterprise, the company's platform for developing mobile applications. Globo ended the year with a cash position of €64m, up from €19m in 2012. The group's consumer mobile portfolio, including CitronGO! and GO!Social, achieved revenues of €35m, a 21% rise on 2012.Globo's Chief Executive Officer, Costis Papadimitrakopoulos, said: "We have met the challenge of maintaining both strong growth and underlying profitability and cash generation, as well as continuing to invest in our core technology. "We saw particularly strong growth in cash flow from June 2013 onwards, driven by increasing sales of GO!Enterprise, which also translated into strong cash conversion and our second consecutive year of positive free cash flow, before the impact of acquisitions."Looking to 2014, Globo plans on expanding across Western Europe and the US through organic growth and targeted acquisitions. The company also expects to benefit from anticipated growth in the mobile market over the next four years. Shares rose 11.84% to 63.75p at 10:00 on Tuesday.RD