Sign In
25 May 2011 07:00
| Date: | 25 May 2011 |
| On behalf of: | Cupid plc ('Cupid', the 'Company' or the 'Group') |
| Embargoed until: | 0700hrs |
Cupid plc
Trading statement
The Board of Cupid plc (AIM: CUP), a leading UK online dating company, is pleased to update the market on its current trading.
The Group is currently trading ahead of market expectations. Over the period since the 2010 results were announced in early March there has been further significant progress:
§ Monthly revenues now exceed £4million and continue to grow.
§ Over 50% of monthly revenues are now from outside the UK.
§ North America is performing exceptionally well and ahead of plan.
§ The UK performance remains strong.
§ The Group has purchased the domain cupidon.com for £175,000 ('cupidon' being the French equivalent of the word 'cupid') and is utilising this domain alongside French equivalents of other Cupid plc owned domains to drive revenues in the French dating market well beyond those previously forecast for 2011.
§ Focus on European M&A targets continues.
§ Levels of usage and subscription uptake in India are above forecast, with Cupid.com performing strongly.
§ Mobile monetisation is becoming sizeable as user uptake of the Group's mobile products increases.
The combination of the above elements provides a high degree of confidence in current performance and also future growth opportunities that go beyond the levels previously forecast for the Group.
Bill Dobbie, Chief Executive of Cupid plc, said:
"We are very pleased with this continuing strong performance. Our growing revenues are a reflection of our continued geographical growth and increased uptake of our mobile applications. Underlying this is the increasing global acceptance and credibility of the online dating industry which is leading to further demand for the services we offer. We are very pleased to upgrade our forecasts for 2011, 2012 and 2013 and look forward to this growth continuing."
For further information please contact:
Cupid plc | Tel: +44 (0)131 220 1313 |
Bill Dobbie, CEO 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 6700 |
Henry Columbine Luis Mackness
| cupid@redleafpr.com |
Notes to Editors
§ Cupid plc (formerly Easydate plc) listed on AIM in June 2010 and is a leading provider of online dating services
§ Cupid has built a base of over 23 million members in 39 countries (those countries with over 1,000 members), with a growing proportion of members coming from outside of the United Kingdom.
§ 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 and www.girlsdateforfree.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.
Follow the stocks
