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; hanassmith@alliancenews.com; @HanaSSAllNews
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