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SyQic

  • BY: Andrew Hore |
  • POSTED: 09/02/2014 |

SyQic says that trading in 2013 was in line with expectations and this has helped the share price move back above the December placing price.

Flotation costs of £600,000 were higher than expected but underlying profit is forecast to increase from £625,000 to £871,000. House broker Allenby forecasts a jump in profit to £2.19m. Fourth quarter revenues were higher than for the previous nine months.

SyQic provides live and on-demand TV access for mobile internet-enabled electronic devices.

At 66.5p a share, up 6p, SyQic is valued at £15.4m. SyQic raised £3.2m (£2.45m net) at 62p a share when it joined Aim on 4 December. SyQic was valued at £14.4m at the placing price.

The shares are trading on fewer than eight times 2014 prospective earnings. The business is forecast to be highly cash generative with net cash of £4.38m forecast for the end of 2014. If SyQic makes its house broker’s forecast then by the end of 2015 net cash would be 50% of the current market capitalisation.

Last year, revenues from Indonesia were lower than expected and revenues from telecoms companies can be volatile so the forecasts have to take account of these risks.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFJanuary2014_52.pdf

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