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GLOBO Plc Delivers Better-Than-Expected Revenue Growth

Pound CoinsShares of Globo (LSE: GBO) gained almost 7% in early trade after the AIM-listed software company announced its half year results.

Revenue for the six months to 30 June grew by 45% to €46.5m (2013: €32m), driven by licence and services growth, including recent customer wins in Australia. Pretax profit is expected to be slightly ahead of market expectations.  

Globo has expanded in the US following the acquisition of Notify Technology. Almost 25% of the group’s employees are now based in the US — including executives, sales and technical personnel. The chief executive and Globo founder Costis Papadimitrakopoulos is relocating to Palo Alto to help oversee this “significant market opportunity”.

“During the first half of 2014 we have seen continued growth and substantial progress in building our business across geographies and technologies in the enterprise mobility market,” Papadimitrakopoulos said.

We remain confident about our future prospects. In particular, the successful acquisition of the services division of Sourcebits Inc., allows us to increase our exposure to the Mobile Application Development Platform market for enterprise customers.”

The group’s net cash position at 30 June 2014 was €46m.

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Mark Stones has no position in any shares mentioned. The Motley Fool has no position in any of the shares mentioned.