Syqic Share Discussion Threads

[nashwan123] 23/6/2015 07:49

Yes figures improving Y on Y BUT auditors unhappy with timely banking of revenue.
On balance moving in the right direction though.

[shanklin] 23/6/2015 07:49

What does receivable "in transit" mean. Is there a hitchhiker bringing the cash from Indonesia?

[muscletrade] 23/6/2015 07:47

On paper the results look fine, but the receivables are still problematic. Receivables from largest customer that would take them up to end July 2014 still in transit. Which means of course that a significant proportion of the 2014 revenue has not arrived yet.
I sold because of the receivables issue, and still not comfortable enough to buy back in. But good luck to those still in. I hope it turns out well.

[mikeja] 23/6/2015 07:32

There will be a note from Allenby plus an insti roadshow

[the shuffle man] 23/6/2015 07:30

PE of 5 looks too cheap for a fast growing company but receivables still flagged as a potential problem.

[masurenguy] 23/6/2015 07:30

Excellent results which are completely inline with Februarys trading update plus an outlook statement that reflects the positive post year end developments that have already been announced.

RNS Number : 8913Q
SyQic PLC
23 June 2015

Final results

SyQic plc (AIM:SYQ), a fast growing provider of live TV and on-demand video content across mobile and internet enabled consumer devices, today announces its final results for the year ended 31 December 2014.

Financial highlights

-- Revenue increased by 127% to GBP10.7 million (2013: GBP4.7 million)

-- Substantial increase in profit before tax of 250% to GBP2.1 million (2013: GBP0.6 million before AIM transaction costs of GBP0.5 million)

-- Cash less overdrafts of GBP0.22 million (2013: GBP1.05 million) following investment in 2014 into premium content licensing and the comprehensive redesign work for the launch of new Korean content streaming service

-- Significant decrease in long--term receivables balance to GBP0.8 million (2013: GBP2.3 million) as payment terms with Indonesian customers improve

-- Raised GBP1.85m before costs through a placing to certain institutional and other investors

-- Reduction in revenue dependence on main Indonesian customer

Operating highlights

-- Purchased the operating assets of the Korean content streaming site Maaduu, subsequently rebranded as 'Cool2vu'

-- Established the Group's core telco brand in Myanmar, after entering an agreement with Blue Ocean Operations Management Ltd

-- Completed a successful migration to a global networking and hosting solution giving more capacity at a lower cost
-- Yoomob transaction numbers increased from 9.6 million in 2013 to 21.5 million in 2014

Post-period end

-- 6.7 million Yoomob subscriptions have been booked as at the end of April 2015 with a revenue value of approximately GBP4.0 million (unaudited)

-- Strategic partnership with global streaming site Viki secures additional content and advertising revenues for SyQic

-- Cool2vu later made available to users in Southeast Asia, Europe, South America, Central America, India and the Philippines through an expansion of the partnership with Viki

-- The Directors remain comfortable on the level of the Group's cash balances which are currently in excess of GBP650,000 (when factoring the receipt of a further payment from the Group's key Indonesian customerwhich is in transit and anticipated to be received in the coming few days)

-- A working capital facility of up to GBP3 million including a bank guarantee facility of up to GBP370,000 entered into with a Malaysian bank, Al Rajhi Banking & Investment Corporation (Malaysia) Bhd.

-- Since launch the Cool2vu service has been accessed by more than 120,000 users in 181 different countries with an average session duration of 38 minutes

Jamal Hassim, Group Chief Executive Officer, commented: "The Board is delighted with the progress made during 2014, which saw not only a significant increase in revenues and earnings, but also the strong foundations for a bright 2015 and beyond. Furthermore, a great deal was achieved with our existing services, whilst also expanding through the acquisition of Maaduu, now called Cool2vu, which has led to rapid geographic expansion of our footprint in the first half of this financial year. With an improved long-term receivables and cash position, the business is well placed to capitalise on the high growth market opportunity for our on-demand video content across all mobile devices."

[mikeja] 23/6/2015 07:30

Working through the figures,eps of 8.14p so current p/e of 4.7.On basis of April figs looks like H1 turnover should be of the order of £6m for yoomob,say £6.5m for H1 including whatever comes in from coolvue.Cash looks ok.

[snowydays] 23/6/2015 07:27

Results are not too bad. Eps of 8.14p and a reduction in long term receivables, mainly by reclassifying them as short term receivables. Hard to know what to expect from the market today.

[masurenguy] 22/6/2015 17:20

Todays "price action" is quite meaningless as it was based upon a miniscule volume of just 45K shares. Over the past five and a half weeks the shareprice has declined by 21%, from 50p to 39.5p, on a total trading volume of just 1.5% of the shares in issue over that period. This is a very illiquid stock and in the absence of any news over the past 2 months the price has been completely driven by PI sentiment.

Tomorrows results will at least provide some meaningful data to drive the shareprice as distinct from pure speculation. The Year End TU stated that sales had more than doubled and that profits would be "inline with management expectations". Since then there has been further geographical contract extensions with Viki, an improvement in receivables collection and further bank funding availability, which are all positive post year end developments. This should enhance the 2015 outlook statement and if it does not then management will have created some real credibility issues !

[the shuffle man] 22/6/2015 16:30

Good luck for tomorrow and all fingers crossed but price action prior to the results doesn't give me much confidence. Hope I am wrong.

[red_shed2000] 06/6/2015 18:31

Anisha,

There has been a couple of updates. One in Dec 2014 and one in Feb 2015 which I would argue was a pre close statement although it wasn't labelled as such. In this statement it also talks about full years revs increasing to 10.7 million and that operating profit will be in line with expectations.

It also gave some info for the start of 2015 saying that jan 2015 continued to be strong.....

Yes they got a 3 million loan but the cash position is also said to have significantly improved.

So what exactly is your concern?

Good luck all.

[anisha] 05/6/2015 23:27

lots of rns of new business into new areas

but since last half year results not a single word on trading or revenues

no pre close trading statement and company is 6 months in the new year plus

£3m loan facility for accounts receivable means low cash flow

will it hit

brokers forecast on earnings

all in the air

[snowydays] 05/6/2015 08:01

It's a well known stock market maxim that bad results take longer to produce.

Just get out quick.

[mikeja] 29/5/2015 09:53

I suspect deals going on.

[tjbird] 29/5/2015 08:49

Bucket of sheet

[androyd] 29/5/2015 08:47

Anyone have any thoughts as to why the results were put back 3 weeks? the share price has lost 10% as a result!

[adamb1978] 28/5/2015 12:53

Really annoying. It shouldnt take a company this long to put results out.

Given the last 'notice of results' announcement was at the end of April, I assume it cant be just because they havent got the work done. Maybe they want to annonce an acquisition alongside it and therefore they cant say why they've been delayed

[eric76] 28/5/2015 12:52

Sold the few I had left on this news. No reason to suspect anything on it yet but don't like unexplained delays esp when the no's are for 6 months ago anyway and their cash position as opposed to receivables key.

[androyd] 28/5/2015 12:49

There must be a reason for this, why haven't they told us?

[daz] 28/5/2015 12:30

Very annoying that the results are being delayed until the 23rd June.

[mattjos] 22/5/2015 13:55

have taken a few recently but, not what you'd describe as easy to buy unnoticed

[daz] 22/5/2015 13:43

There should be more to say about current trading as well, as we will be 5 months into the year by results day. Hopefully that will trigger an upgrade to the very conservative forecast for this year.

[mikeja] 22/5/2015 13:25

We pretty much know what the results are going to look like but they may help to bring into focus how cheap the shares are.

[androyd] 22/5/2015 09:13

I think it's encouraging to see this nudge up just days ahead of the results.

[masurenguy] 29/4/2015 08:09

An very good article, with some excellent insight from Hastings (Private Punter), in yesterdays edition of the Cambridge News. FY results are due on June 1st - (4 weeks on Monday). Here is an extract.

"In September SyQic delivered its interim results, which actually made for impressive reading, as revenues of £4.6 million were delivered, almost equalling the total for full year 2013. Importantly, pre-tax profits jumped from just £35,000 to £960,000, which led broker Allenby Capital to pencil in a full-year 2014 figure of £1.86 million and EPS of 7.4. That suggests SyQic possesses all the hallmarks of an exciting growth prospect, which under the usual circumstances would invariably see such a stock trading on a pretty punchy PER. Not so this company, where at the current 49p the forward PER stands at under 7, which looks incredibly good value in comparison with peers and the wider sector.

Indeed, the same broker, at the time of the interim results, was looking for a further hike in revenues for full year 2015 of £14.6 million, with £3.9 million pre-tax profit and EPS of a thumping 14.3p. Such apparent value is seldom discounted to that extent and if it is, there are usually sound reasons as to why investors may be taking a more cautious approach."

The complete article is accessible here: .