Rolf Gerritsen, CEO at MetalNRG gives an operational update and sees an exciting year ahead. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

SyQic Confident For Future As Half-Year Profit Rises

Thu, 25th Sep 2014 08:07

LONDON (Alliance News) - SyQic PLC Thursday expressed confidence for the future after it posted a rise in pretax profit in the half year to end-June, with a more than quadrupling in revenue driven by the recovery of its Indonesian business.

SyQic provides over-the-top video content, meaning content provided over the internet, on mobile and other consumer devices.

It posted a pretax profit of GBP960,000, up from GBP35,000 in the previous year as revenue multiplied to GBP4.6 million from GBP876,000 a year before.

The company said business had improved in Indonesia following the easing of regulatory action on the industry in the middle of 2013. SyQic launched its Yoonic over-the-top services for Bangladeshi and Fillipino customers, and a scratch card payment option for Yoonic. Following the year end the company has partnered with Estonian mobile payments provider Fortumo for a new online payment service for Yoonic.

Following the year end SyQic acquired PlayTV Asia Sdn Bhd's Maaduu video-on-demand service for up to CNY5.5 million, and the company said that it believes this acquisition will "significantly strengthen" its offering.

The re-launch of this brand will form the core of SyQic's strategic focus for the remainder of the year, it said. A recent lack of investment from the service's former owners has led SyQic to choose to re-launch it with more up-to-date Korean content.

SyQic will increase the proportion of Korean content in its portfolio, as well as Japanese Manga animation, which it believes to be highly popular based on consumption statistics of its current user base.

The company said that its positive strategic developments, combined with the growth of its core base following the end of the half year, gave it confidence for its future.

Shares in SyQic were trading up 12% at 66.00 pence Thursday morning.

By Hana Stewart-Smith;; @HanaSSAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

Related Shares

More News

SyQic's shares to cease trading on AIM on Friday

(ShareCast News) - Paid TV and on demand video provider SyQic's shares will cease to trade on AIM on Friday after it failed to raise funds needed before the end of 2016. The company's shares were initially suspended on 28 June when it failed to publish its accounts for the year ended 31 December 201

29 Dec 16 10:36

SyQic takeover falls through, shares remain suspended

(ShareCast News) - SyQic's independent board updated the market on Monday, following the announcement by Yuma Ventures on 11 November that it does not intend to make an offer for SyQic. The AIM-traded company had initially announced on 20 April that it was in discussions with Jamal Hassim, chief exe

14 Nov 16 14:17

SyQic could seek extension on talks with suitors

(ShareCast News) - SyQic indicated to the market that it could be seeking an extension to discussions with a potential suitor on Wednesday. The AIM-traded company had announced on 20 April that it is in discussions with Jamal Hassim, its chief executive, and MMV Investments, a company owned by Johan

9 Nov 16 14:15

SyQic Says Consortium Has Until Friday To Make Bid Or Walk Away

9 Nov 16 10:35

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.