Walbrook PR appointed as financial PR to SyQic plc
Walbrook PR, which provides high quality Financial PR and Investor Relations to Small Cap and AIM listed companies, announces its appointment as Financial PR advisor to AIM listed media and technology company SyQic plc (AIM: SYQ).
SyQic is a fast-growing OTT provider of paid mobile video content across mobile and internet enabled consumer devices. Video consumption over the internet is experiencing rapid and accelerating growth, particularly via internet-enabled mobile devices, where SyQic is predominantly focused.
SyQic receives the majority of its revenues and profits at present through relationships with Telcos which give access to a wide audience of users who then subscribe to receive SyQic's video content. The Company has also recently launched an Over The Top ("OTT") offering, effectively enabling any internet user to subscribe directly via SyQic's website. OTT delivery is a relatively nascent and fast-growing segment of the industry and SyQic's early mover advantage in this field provides the Company with significant potential upside.
Targeting migrant workers predominantly in South East Asia, SyQic has an extensive portfolio of on demand content and access to over 70 live television channels featuring content from Malaysia, Indonesia, South Korea, The Philippines, India, Turkey and Eastern Europe. This portfolio was greatly enhanced through the acquisition of Maaduu last month which has given SyQic access to high demand South Korean television content. South Korea currently has the highest television production values among Asian nations and is highly sought after across South East Asia such that the acquisition is expected to further increase SyQic's customer base and improve customer retention rates.
In order to fund the £1m acquisition of Maaduu, of which £0.6m was payable in cash on completion, SyQic successfully raised £1.85 million through a share placing. The remainder of the consideration has strengthened the balance sheet and will be used for technical development, sales and marketing, working capital and further content acquisition.
Alongside SyQic's recent announcement on the acquisition and fundraise the Company also updated the market on trading ahead of its forthcoming 2014 interim results. This showed SyQic to be experiencing strong growth at present with H1 2014 revenues increasing more than five-fold to £4.6m (H1 2013: £0.9m) and profit after tax increasing 2,671% to £0.97m (H1 2014: £0.04m).
Bob Huxford, Head of Technology Sector at Walbrook PR, said: "We are delighted to have been appointed by SyQic plc at such an exciting stage of its development. The Company is currently in the midst of a strong growth phase and with additional potential upside from recent developments, including the acquisition of Maaduu and the launch of the Company's OTT offering, we hope to be able to continue to provide further positive updates to the market."