Cupid on target in new markets

Cupid, the internet-based dating operator, posted strong first half results driven by expansion in the USA.

Revenues in the six months to June increased by 51% to £38.6m, but profits fell back due to marketing spend jumping 69%.

Pre-tax profits came in at £3.65m, down from £3.94m the year before.

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Revenues from Cupid's new markets - USA, Canada, France, Italy, Spain and Germany - increasing by 122% to £22.2m.

Revenues from the firm's established markets, including UK, Australia, New Zealand and Ireland, increased by a more modest 6% to £16m.

It also saw promising growth in the developing territories of Brazil and India, with revenues up by 67% to £0.5m.

Chief Executive Bill Dobbie said the firm was in a very strong position and he was confident it would deliver value for shareholders in 2012 and beyond.

"The market for our services is global and growing and we are well positioned to take advantage of the numerous opportunities that exist," he said.