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InternetQ's growth story continues

Published: 07:53 30 Sep 2014 BST

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Mobile marketing and music streaming specialist InternetQ (LON:INTQ) continues to see strong growth on the back of increased adoption worldwide of smartphones.

Results for the first half of 2014 extended the story of strong growth, with revenue up 53% year-on-year and profit before tax up 40%.

Revenue rose to €65.7mln from €43.0mln the year before, with business to business (B2B) revenue up 48% to €51.5mln and business to consumer (B2C) revenue up 67% to €14.2mln.

Adjusted profit before tax rose to €6.0mln from €4.3mln the year before, while cash flow from operations advanced 56% to €8.0mln from €5.1mln.

InternetQ ended the reporting period with net cash of €3.3mln, compared to €4.7mln a year earlier.

Minimob, the mobile marketing platform, continues to be a driver of growth, the company said, with more than 250mln unique software developer kit installations since its launch; that number is increasing at somewhere between one and two million per day.

Akazoo, which goes head-to-head with music streaming apps such as Spotify and Pandora, is more than holding its own and is attracting new B2B operators, keen to offer value-added services to their standard product offerings.

"These results demonstrate the commanding global market position that InternetQ has developed for both its mobile marketing and music streaming divisions,” claimed Panagiotis Dimitropoulos, chief executive and founder of InternetQ.

“Market trends continue to move in InternetQ's favour with mobile marketing now a significant part of many company's sales strategies. Our knowledge and insight into the markets that we service, and our deep client relationships in multiple geographies, positions us well for the future," he added.

The company said it is confident full-year results will be in line with current market expectations.

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