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Globo's first half better than expected

Underlying profits [EBITDA] rose by 55% to €34.2mln while cash generated rose to €21 mln.

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Globo renewed 50,000 GO!Enterprise EMM licences.

Globo’s (LON:GBO) first half was better than expected with strong sales of its business-focused organiser apps boosting revenues by over 50%.

The software group has also just landed a contract with a South Asian industrial conglomerate customer worth €1mln, which has opened numerous mobile applications it said.

Revenues in the half year to June rose 56% to €72.4mln, again led by lead product GO!Enterprise, where sales rose by 126% to €44.9mln (€19.9mln). Older products CitronGO! / GO!Social  grew revenues by 6% to €21.3mln while telecom services rose by 17%.

Globo also again played down the significance of Greece to its business, saying it expects the country only to account for between 6-7% of revenue in 2015

Underlying profits [EBITDA] rose by 55% to €34.2mln while cash generated rose to €21mln with free cash flow of €7.2mln. 

Globo added it renewed 50,000 GO!Enterprise EMM licences and added numerous new corporate customers. 

Costis Papadimitrakopoulos, chief executive, said:  "During H1 2015 we have demonstrated our ability to execute and expand our market footprint and continued to receive industry recognition.

“We expect our successes in H1 2015 to continue through the remainder of the year."

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