Globo rises as interim revenue jumps

Mobile products and software provider Globo said it had performed better than expected in the first six months of 2015, adding it expected the momentum to continue in the second half of the year.

In a trading update on Tuesday, the London-listed group said its earnings before interest, tax, depreciation and amortisation surged 55% year-on-year to €34.2m in the six months to 30 June, while revenue jumped 56%.

The increase in revenue was driven by a strong performance from the group’s GO!Enterprise software, whose revenue more than doubled to €44.9m, while revenue in the CitronGO!/GO!Social products edged 5.97% higher to €21.3m.

The group said its gross profit margin increased to 59.2% from 58% on the back of an increased proportion of direct sales.

"We have demonstrated our ability to execute and expand our market footprint and continued to receive industry recognition,” said group chief executive Costis Papadimitrakopoulos.

"Our US and international expansion underpins our growth as we are focusing operationally and from a marketing perspective on the most mature economies globally."

Globo shares closed 4% higher at 49.14p on Tuesday.