Malaysia-based cloud computing services provider RapidCloud International tradedin line with expectations during 2013.
RapidCloud has invested in new staff and in R&D. It has also won its first customer in Thailand.
House broker Allenby forecasts a rise in revenues from MYR9.38m to MYR11.5m, while pre-tax profit is expected to improve from MYR3.76m to MYR5.35m, which is before MYR2.5m of flotation costs. Net cash of MYR12.4m is forecast for the end of 2013.
Although the trading statement did not include any surprises the share price has fallen. At 67.5p a share, down 6.5p, RapidCloud is valued at £11.7m. RapidCloud raised £1m at 54p a share prior to its flotation in August.
The shares are trading on 13 times estimated 2013 earnings. A full year of the enlarged share capital will hold back earnings per share grow.
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