Globo going loco but Athens is a no go

Globo, the AIM-listed mobile solutions provider, has seen its share price jump this morning on guidance that full-year performance for 2011 will be ahead of market expectations.

Revenues for the year are expected to have risen by around 46% to €45.25m versus €30.91m in 2010.

Pre-tax profits, after the impact of investment, will come in "slightly" ahead of market expectations.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

International revenues accounted for 47.9% of total revenue for the year and more than 75% of gross profit.

The company says that global revenues will "marginalise the impact of the current economic difficulties and market uncertainties within the Eurozone."

Globo expects to get rid of its Greek operations although sets no deadline for doing so.

It also says it is looking for possible acquisitions of mobile software services businesses.

Globo's Chief Executive, Costis Papadimitrakopoulos, said he was pleased with the progress of his group: "In less than 3 years, we have transformed Globo from a regional business software provider to an international mobile applications player."

He added: "Mobile phones and tablets have become the key tool for accessing social and business apps and we are well positioned, in terms of both technology and business model, for further expansion."

Globo had gained 7.45% on today's news. Over the last 12 months the stock has risen 95%.

BS