14 Feb 2012 07:00
| Date: | 14 February 2012 |
| On behalf of: | Cupid plc ('Cupid', the 'Company' or the 'Group') |
| Embargoed until: | 0700hrs |
Cupid plc
License for Friends Reunited Dating
Cupid plc (AIM: CUP), the online dating company, announces that it has agreed a long term contract with brightsolid to operate the Friends Reunited Dating site.
Friends Reunited Dating operates as a separate business from the social network of Friends Reunited. As part of the agreement, Friends Reunited will continue to cross market the Friends Reunited Dating brand. The agreement covers three brands: Friends Reunited Dating, Friends Over Fifty and Swoon.
The Friends Reunited Dating products delivered revenues of £0.5M in the six months to 30 September 2011. The license will cost Cupid £0.6M initially, with a further payment of £0.2M upon achievement of certain targets. In return Cupid will retain 95% of profits for the first two years and 100% beyond that. The agreement is expected to be immediately earnings enhancing for Cupid plc.
Bill Dobbie, CEO of Cupid plc commented that "This agreement will enable Cupid to further strengthen its presence in the UK and Australian markets at low risk, and further leverage the Cupid platform. "
Chris van der Kuyl, CEO of brightsolid commented that "The agreement with Cupid follows a strategic review aimed at ensuring brightsolid concentrates on its core activities in online publishing and technology. Cupid has real strengths in the online dating sector and we believe the agreement will maximise the potential of the online dating services, whilst allowing brightsolid to concentrate on core activities".
For further information please contact:
Cupid plc | Tel: +44 (0)131 220 1313 |
Mark Doughty, CFO | |
Peel Hunt LLP (Nominated Adviser and Broker) | Tel: +44 (0)207 418 8900 |
Richard Kauffer Daniel Harris | |
Redleaf Polhill | Tel: +44 (0)207 566 6720 |
Henry Columbine Luis Mackness | cupid@redleafpolhill.com |
Notes to Editors
§ Cupid plc listed on AIM in June 2010 and is a leading provider of online dating services
§ Cupid has built a base of over 34 million members in 39 countries.
§ Cupid offers a wide variety of online dating services allowing members to interact with each other and access the content available on the Group's websites. These websites are intended to appeal to dating users of diverse ages, cultures and social interest groups. The Group's most heavily visited websites include www.cupid.com, www.flirt.com, www.benaughty.com, www.girlsdateforfree.com and www.datetheuk.com. The Group also promotes the niche brands www.datingforparents.com, www.indiandating.com and www.maturedating.co.uk.
§ The majority of services are also available via Apple and Android App Stores for mobile users as well as through their own Facebook apps - eg. http://apps.facebook.com/cupidcom and http://apps.facebook.com/benaughtynow.
§ Further information on the Company can be found at www.cupidplc.com.