Cupid’s arrow: Fresh acquisitions on the horizon

DATING website operator Cupid has further acquisition targets in its sights, chairman George Elliot told shareholders at yesterday’s annual general meeting.

The Edinburgh-based firm is on course to hit full-year targets, with house broker Peel Hunt pencilling in a profit of £16.5 million, up from last year’s £11.3m.

Elliot said: “We are currently investigating several acquisition opportunities, which are within our normal pricing and performance parameters, and will update progress as and when appropriate.”

Analysts also expect Cupid to push further into the smartphone market in the second-half of the year with its “exciting new products”.

Paul Morland, an analyst at Peel Hunt, said: “This up-beat trading statement should reassure the market that Cupid’s strategy is working and profitable growth continues to be rapid.

“Sales look to be ahead of expectations and profits in line, as Cupid continues to invest in marketing in its newer geographies, while profits impress in the more-mature UK and Australian markets.”

Shares closed unchanged at 200p.

PETER RANSCOMBE