Globo profits soar

Shares of mobile and software solutions provider Globo fell despite reporting a massive 85 per cent surge in interim pre-tax profit following strong international demand.

Pre-tax profits at the firm increased to €5.86m in the six months to the end of June from €3.18m the year before. Revenues rose to €25.22m during the period from €19.61m a year earlier. EBITDA advanced to €10.87m from €7.35m previously.

Commenting on prospects for growth, non-executive Chairman Barry Ariko said: "Globo's international mobile products and services are offering a substantial opportunity for profitable growth over the coming years."

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International revenues, which represents 68% of total revenues, jumped to €17.04m from €7.59m.

"Globo has succeeded in building a significant international mobile business over recent years and competes at the highest level of the mobile applications market. This period's positive free cash flow shows that Globo is on the right track of synchronizing substantial growth with cash generation," he added.

Globo said it is developing new products that meet current and future mobility needs while at same time generating significant recurring revenues with high gross profit margins.

"We are confident that our strategy will yield continuous growth and profitability," Ariko said.

CJ