Period-end Trading UpdateJuly 21, 2009
FOR IMMEDIATE RELEASE
21 July 2009
HALF YEAR PERIOD-END TRADING
Globo plc ("Globo" or "the Group"; LSE-AIM:
GBO), a leader in the Information and Communications Technology market in Greece
and a SaaS (Software as a Service) solutions provider, today provides
a brief trading update following
the end of its half year to 30 June 2009.
Further to the more
detailed trading statement issued on 16 June 2009, ahead
of the Annual General Meeting held on
19 June 2009, the Group is pleased to report that revenues for the half year are
expected to have increased by approximately 15%
to €8.3 million (H1 2008: €7.2
million), ahead of the Board’s
A significant improvement in cash collections
was reported in the 16 June 2009 statement.
During the closing two weeks of the first half year, further cash collections of €2.4 million were achieved on
outstanding public sector contracts.
For the half year as a whole, €7.6 million has
been collected out of the €8.8 million
invoiced and recognised
under IAS 11 on public
sector contracts which were due as at 31 December 2008. Accordingly, net debt as
at 30 June 2009 has reduced by
to €7.5 million (€9.8 million
as at 31 December 2008;
€8.4 million as at 30 June 2008).
The Group is also pleased to report that it
anticipates pre-tax profits for the first half to be marginally higher than
those produced in the same period of last year.
Globo’s non-executive Chairman, Brett
Miller commented: "We
are pleased to report that Globo has delivered on its
expectations for the first half year and has made substantial further progress
on reducing the outstanding amounts owed on public sector contracts.
We have established a firm foundation for the second half year, traditionally
our stronger trading period."
Announcement of half yearly results
Globo expects to announce its full results for
the six months ended 30 June in September.
Costis Papadimitrakopoulos, Managing Director
Dimitris Gryparis, Finance Director
NCB Stockbrokers Limited (Nomad & Joint Broker)
Christopher Caldwell or Jonathan Gray
Steve Liebmann, Simon
St Helen’s Capital Plc (Joint Broker)
GLOBO plc was admitted to AIM in December 2007.
Founded in 1997 by Konstantinos Papadimitrakopoulos and headquartered in
Halandri (a suburb of Athens),
Globo has established itself as one of the market leaders in the Greek ICT
market. It provides e-business and telecom software products and related
services to the private and governmental sectors in Greece as
well as developing and operating broadband wired and wireless networks.
It has developed to become one of the largest e-business software and SaaS.
vendors in Greece. More
recently, the Group has formed a new business unit, Globo Mobile, to deliver its
mobile communications strategy. For further information please go to www.globoplc.com.