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Lo-Q
- BY: Andrew Hore |
- POSTED: 06/04/2009 |
Lo-Q more than trebled its 2008 profit.
The virtual queuing technology developer increased its revenues by 73% to £13.5m in 2008, with nearly 90% of revenues coming from North America. The weak pound helped. Profits jumped from £551,000 to £1.85m. Lo-Q is using up its tax losses so there is no tax to pay.
Development costs capitalised fell from £301,000 to £252,000. It is still much higher than the amortisation charge of £84,000 – up from £31,000. Lo-Q is increasing the size of its product development team.
There is £2.56m in cash in the balance sheet.
Shares in Lo-Q rose 6.5p to 57.5p each, which values the company at £8.81m.
The Text-Q system is being installed in the Flamingo Land theme park in Yorkshire. There is an initial one year contract, which can be extended to five years. This system will be installed in time for Easter.
The Text-Q system enables mobile phones to be used to reserve a place in the queue. A fee is paid and a text is sent to alert the user that it is their turn to visit the ride/attraction.
There are 15 parks that use Lo-Q’s products.
Lo-Q is developing a water park version of its core Q-bot product.
If the pound recovers it would hit the translation of the dollar-based revenues of Lo-Q.
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