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Cupid spreads its love
Having expanded into territories including Spain and Germany internet dating concern Cupid (CUP) has more than doubled its profits to £3.9 million.
The AIM-quoted concern reported the profits on sales up 189 per cent to £25.4 million for the six months to June. UK revenues grew by 68 per cent to £11.9 million. Net cash grew by £2.4 million to £8.4 million while the number of monthly subscribers grew from the 324,000 reported in December to 460,000.
The company made a number of acquisitions of late, entering the German dating market over the period and recently began its plans for Latin America with acquisitions in Brazil including both niche and mainstream dating sites in a number of purchases totalling £500,000.
In an interview with Growth Company Investor chief executive Bill Dobbie remarked that growth in Cupid was driven both by increasing its 'international footprint' and the growing uptake of its services on Facebook and various mobile devices. Dobbie noted that monthly revenues had grown from £3.5 million in December to £4.5 million.
Regarding its revenue mix Dobbie said that niche websites such as datingforparents.com and maturedating.co.uk had been 'growing steadily' with annual revenues from its niche sites of £2.4 million. Having recently entered Latin America Dobbie described the region as an 'interesting place' opining that Mexico was another target for Cupid in what he said was a 'rapidly growing market.'
Analysts at house broker Peel Hunt are forecasting profits of £10.2 million (EPS: 9.3p) for the year to December 2011 on turnover of £55 million. In 2012 profits of £15.2 million (EPS: 13.8p) on sales of £69 million are penciled in.
Recommended by Growth Company Investor last November as a long-term buy at 117.5p the shares have more than doubled since, currently trading at 243.25p. Having expanded into numerous overseas markets and with its domestic businesses expanding organically the shares should have further to go. However we think now could be an appropriate time for investors that took heed of our advice to take some profit while retaining a significant chunk for further growth. Reduce.
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