International operations drive revenue surge for Globo

Globo, the mobile telecoms and software firm, reported a surge in both revenue and profit in 2011, as demand for its mobile consumer applications rocketed.

Revenue was up 46.6% to €45.31m (2010: €30.91m) helped by international revenues which increased by 254.6% from €6.11m to €21.88m. The firm said that its mobile consumer applications, CitronGO! And GO!Social, were the main drivers of growth in international revenues which now account for 48.3% of group sales, up from just 17% in 2010.

Meanwhile, profit before tax leapt 160.3% to €12.05m from €4.63m. Basic earnings per share increased to 32 cents (2010: 28 cents).

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Chairman Barry Ariko said: "Management has a clear strategy for addressing the emerging enterprise mobility markets in the US, UK and Western Europe where we plan to build a leading global market position. Overall, current trading is strong and we are confident that 2012 will be a year of significant strategic progress and profitable growth for the group."

Cash levels soared from €2.9m to €9.3m.

The group said it is considering options for divesting its Greek-related operations and is actively looking for opportunities to buy international mobile software and services businesses.

Despite the impressive results, shares had fallen 1.96% to 25p by 15:01 on Friday.

NR