News blog
Globo
- BY: Andrew Hore |
- POSTED: 28/09/2008 |
Globo more than doubled its profits in the first half and there is more to come in the traditionally stronger second half.
The Athens-based e-business software and services provider increased revenues by 76% to €7.2m, while profits jumped from €400,000 to €858,000 in the six months to June 2008.
Growth came from the public sector, large corporations and small businesses. The public sector is around two-fifths of revenues. Around 85% or revenues are from sales of products developed by Globo. The Software as a Service operation almost tripled revenues although they are barely 6% of the total at the moment. Globo recently bought a call centre operation that will be able to feed leads to the business.
This growth in business required additional working capital so there was a cash outflow in the first half. Net debt rose to €6.1m.
The Greek e-business market is growing at 10% a year. Globo also wants to expand geographically into Romania, Cyprus and Bulgaria.
Joint broker St Helen’s Capital forecasts a rise in full year revenues from €11m to €16.5m and an increase in profits from €2.1m to €3m.
Management still owns more than half of Globo. At 14.75p a share, Globo is valued at £19.3m. That values the company at less than nine times prospective earnings for 2008.
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