Gulf starts at Sheikh Adi-2 25/05/2012
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Cupid finds love in Rio
Online dating business Cupid (CUP) has entered the Brazilian market with acquisitions worth a total of £500,000.
The AIM-quoted company declares it has bought a portfolio of sites, including AondeNamoro, described as a 'traditional online dating site', and SolteirosComFilhos, a site for single parents looking for love. Cupid notes that the two sites have a total of 1.4 million members and were previously owned by Brazilian entrepreneur Edgard Noguiera, described as 'well known and respected' by Cupid.
Of the total amount £350,000 is payable within the next two weeks while £150,000 is conditional upon business targets being reached over the next six months. Cupid argues that there are 62 million single people in Brazil, country which is a 'few years behind the North American growth market curve.'
Cupid's chief executive Bill Dobbie remarks that the acquisition 'provides a great opportunity for us to gain a foothold into Brazil'. He adds the country represents a 'market that awe see as having strong medium to long term potential' for the company
Analysts at Peel Hunt are forecasting pre-tax profits of £9.7 million, for earnings of 8.5p a share, on turnover of £50 million for 2011, climbing to profits of £14.5 million and earnings of 12.6p a share on revenue of £66 million in 2012.
Growth Company Investor recommended Cupid shares last November as a long-term buy at 117.5p and of late the company has acquired dating websites in countries including India and France. The latest move into Brazil is an encouraging step for the business. Currently trading at 218p shares in Cupid have gained 85.5 per cent since last November and the latest news does little to change our view. We therefore retain our long-term buy rating.
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