CUPID, the dating website operator run by serial entrepreneur Bill Dobbie, today hailed the success of its push into America with a sharp rise in revenues.
The Aim-quoted firm unveiled plans to open its first office in the United States after turnover from its “new markets” – which encompass Canada, Europe and the US – jumped to £22 million during the first half of the year, equal to all of last year’s total from the regions.
Cupid’s American base will be up-and-running before the end of the year and having a permanent presence in the US will help it to keep costs down, according to analysts.
Revenues within Edinburgh-based Cupid’s “established markets” – in Australia, Ireland, New Zealand and the UK – have “continued to grow at or above market growth rates of 5-10 per cent”, while sales in “developing territories” such as Brazil and India continue to grow from a relatively low base.
City analysts saluted Cupid’s success in America. Ivor Jones at Numis Securities said the “US has been a stand-out success”.
He added: “This was not inevitable as Cupid is a small player in the US market and could have found it had neither the brands nor resources to thrive. Now it has proof of concept in the US.”
Paul Morland, an analyst at house broker Peel Hunt, noted: “While online dating conjures up mixed feelings amongst investors, it is hard to argue with the quality and professionalism of Cupid’s management team, which presented to the City.”
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