GLOBO: Strong financial performance – Trading update for the 1ST Half 2011

The Group reported trading update where revenues increased by 56.5 percent in the first half of 2011 to €19.61 million (H1 2010: €12.53 million), ahead of the Board’s expectations, with pre-tax profits expected to be substantially higher than for the same period of last year. The contribution of S.a.a.S to revenues (including Mobile SaaS revenues) today represents 48 percent of Globo’s total revenues, potentially providing significant comfort on expected future growth prospects.

This strong financial performance reflects Globo’s continued successful expansion into the international mobile market driven by GO!Social and CitronGO! with total subscribers in line with market estimates, and this has contributed €7.45 million to revenues, representing 38 percent of the Group total for this period in 2011, compared to €1.1 million, or 8.8 percent of the Group total in the first half of 2010.

GLOBO’s non-executive Chairman, Brett Miller commented: “During the first half of 2011, Globo made substantial progress with its international expansion which today represents 38 percent of its total revenues. This acceleration and success is supported not only by the quality of its mobile products but also the continuous demand from mobile operators and partners to offer solutions that enhance mobile internet use in everyday consumer and professional lives. We believe that our progress will continue through the second half of the year, traditionally our stronger trading period, and are confident about our prospects for the future.”

Source: CITY A.M