InternetQ delivers strong growth in 2013
Mobile marketing and digital entertainment solutions group InternetQ delivered impressive revenue and profit growth in 2013 and said it made a strong start to 2014 with trading in line with expectations.
Revenues were up 42% at €104.4m last year, while earnings before interest, tax, depreciation and amortisation rose 36% to €14.4m.
The B2B division grew sales by 43% to €87.7m during the year, while B2C delivered growth of 40% to €16.7m.
Adjusted basic earnings per share rose by 27% to 30 cents, ahead of the 25.5 cents broker Canaccord Genuity had pencilled in.
"We are delighted to report another set of excellent results, highlighting the continued strategic progress made across the business," said Founder and Chief Executive Panagiotis Dimitropoulos.
The company said it sees "significant structural growth potential" in its core markets of mobile marketing and entertainment with smartphone penetration expected to overtake fixed broadband as soon as 2017.
Canaccord raised its target price for the stock on Tuesday from 480p to 510p and kept a ‘buy’ rating. The broker said InternetQ’s valuation "still looks modest" despite the 28% share-price jump since the start of 2014.
The stock was 4.5% higher at 397.14p by 12:27.