A technology innovator delivering mobile, telecom and e-business software products and services. I have a holding in my growth portfolio (epic code: GBO).
Globo released their interim results today stating that revenue grew by 45% to €46.5m, whilst gross profits grew by 58.4% to €27m, although profit before tax grew just 11% to €16.1m, as operating costs increased substantially by €7.3m to €10.6m.
EPS was up 4.9% to €0.043 and free cash flow continues to improve at €4.2m compared to an outflow of -£3.6m for the same period last year.
In their outlook management state "...We are now in the traditionally stronger second half of the year, and with our North America operations gathering momentum, we look forward to an exciting period of growth for the Group into 2015 and beyond..."
For the SP to improve substantially Globo need to have a strong cash generative second half, exceeding the €8.9m FCF achieved in the last six months of last year, otherwise the institutions and private investors with short positions will stick around, convinced that it is all just "smoke & mirrors".
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