SyQic's reports 'strong' trading in 2013

7th Feb 2014 11:15

SyQic, which provides online live TV and on-demand paid video content, said its trading performance in 2013 was "strong" in line with market expectations.In the second half the group achieved almost double the revenues posted in 2012, with the momentum carrying forwad to 2014. Net profit margins, excluding initial public offering (IPO) costs, were substantially higher in the second half of 2013, compared to first half, as an increase in sales led to significant economies of scale.During the period, the group made progress in expanding its product offering including its Telco and over the top (OTT) pay TV service.In December, the firm successfully raised £3.2m in its IPO on AIM, of which £2.5m was new equity capital. Proceeds were used to fund the initial stages of the planned roll-out of the Yoonic.tv OTT service.The roll-out of the service will begin in the first half of 2014 with the first launch targeted at established Bangladeshi migrant communities, followed by launches for other migrant communities in the UK including Filipino, Polish, Turkish, Indonesian and Malaysian.Chief Executive Offer, Jamal Hassim, said: "I am pleased to report that SyQic's trading performance is in line with market expectations. The group has made significant progress in the period and our two content platforms are going from strength to strength, both in the core South-East Asian markets as well as the OTT roll-out." Shares rose 7.44% to 65p at 11:41 on Friday. RD