Power of love fires Cupid’s arrow

CUPID has demonstrated the “power of love” after forecast-beating results from Europe and the United States helped the dating website operator post a near three-fold rise in half-year sales.

The Edinburgh-based company’s rapid international expansion since it joined the Alternative Investment Market (Aim) in June 2010 means that the UK now accounts for only 47 per cent of revenues.

Chief executive Bill Dobbie told The Scotsman that he would return to the market for more cash if a “big” acquisition target came along and that he planned to use the £8.4 million already on the balance sheet to fuel further takeovers.

“The cash is there to enable us to make acquisitions. We don’t anticipate coming back to the market in the short-term but, if a big opportunity came along, then we would come back to investors if it warranted it,” the technology entrepreneur said.

His comments came as Cupid posted a 189 per cent rise in turnover for the six months to 30 June to £25.4m, with profits up 137 per cent to £5.7m. Both figures are higher than the firm’s previous entire full-year totals.

Revenues grew faster than expected in France, Italy and Spain, with analysts also highlighting the rapid expansion of the company’s US operations.

Dobbie said the company still only had 1 or 2 per cent of the US market, which is dominated by rival Match.com.

CRANEWARE ORDERS, PAGE 2