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SyQic

  • BY: Andrew Hore |
  • POSTED: 14/01/2015 |

SyQic has signed an agreement with UK GlobeTel to launch a UK version of its Filipino Yoonic OTT service. 

SyQic provides live and on-demand TV access for mobile internet-enabled electronic devices via a subscription service. GlobeTel customers can use their existing account to watch SyQic’s TV channels in the Philippines. The initial agreement lasts one year. 

This will help SyQic to reduce its dependence on Indonesian telecoms company PT Nextnation Prisma (PTNP), which is continuing with its payment plan for past years and it has paid the money it owed for January, February, March and April this year. The March and April payments generated £550,000 before the end of 2014. The May payment is expected in the near future.

PTNP accounts for three-fifths of revenues – forecast at £9.5m for 2014. SyQic is expected to report a profit for 2014 but it is not expected to generate cash.

House broker Allenby believes 2015 revenues of £14.5m are achievable and £3.8m of cash is expected to be generated, which is not far short of the forecast profit.

The share price held steady at 53.5p.

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