InternetQ reveals sizeable growth courtesy smartphone revolution

InternetQ was riding the wave of the smartphone revolution on Tuesday, revealing sizeable growth in revenue across its operations in a trading update for the year to 31 December 2015.

The AIM-listed provider of mobile marketing and digital entertainment solutions said revenues increased by 14% to €150m (£116.2m) during 2015.

InternetQ's B2B mobile marketing segment contributed 72% of those revenues, and the B2C digital entertainment division the rest.

Cash levels at 31 December 2015 were €19m, up from €12m a year earlier.

"In line with its strategy, the group continues to look at opportunities to increase its footprint in existing geographies where it has a presence, as well as increasing its foothold in Europe through its new Berlin office", the company's board said in a statement.

"It will continue to focus on developing and evolving its minimob mobile app-focused advertising platform, whilst also looking at international growth opportunities and product differentiation for its Akazoo service", it added.

InternetQ provided no EBITDA or profit after tax estimates as it entered an offer period on 2 February 2016.

Toscafund Asset Management and Penta Capital, and InternetQ's founder and CEO Panagiotis Dimitropoulos, remained in discussions about a possible offer for all of the outstanding shares in the company not already owned by the consortium.