News blog
CDialogues
- BY: Andrew Hore |
- POSTED: 20/01/2015 |
Mobile subscriber retention services provider CDialogues generated better than expected revenues and cash in 2014 despite ceasing operations in Iraq.
When CDialogues joined Aim last June it stated that approximately half of its revenues were generated by Iraq at that time, down from 89% in 2013. In November, 15% of revenues came from Iraq and operations ceased in December. Even so, total revenues more than doubled from €4.6m to €9.5m, compared with a forecast of €8.8m. EBITDA was €2.7m, which was slightly lower than the €2.8m forecast. Three-quarters of revenues are generated by subscriptions. Cash generation was better than forecast. Net cash is estimated to be €2.5m.
The campaigns in 2014 covered more than 35 million customers, up from 15 million customers in 2013. That includes Kuwait, Jordan, Lebanon and Oman, as well as Iraq. A new south east Asia client has been signed up. Revenues of €14m are forecast for 2015. Iraq accounted for one-third of 2014 revenues so effectively revenues excluding Iraq are expected to more than double this year. However, Mirabuad has downgraded its 2015 profit forecast from €4m to €3.7m, although earnings per share are only shaved by 1% because the tax charge has been reduced by two-thirds. More importantly, lower working capital requirements mean that the forecast cash generated from operations has been increased from €2.1m to €2.6m.
On 27 June 2014, £1.25m was raised at 212p a share. The share price rose 22.5p to 270p, which values the company at £16.8m. The shares are trading on eight times 2014 earnings.
The 2014 figures will be published on 21 April.
AIM Journal January 2015 available.
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