IMImobile stake value falls while profits rise
Early stage venture capital company SPARK saw thier stake value in mobile solutions company IMImobile has fall by £7 million to £15.9 million.
The reasons behind the fall in value are being attributed to a combination of loan repayments, lowering of the Indian telecoms valuations and the fall in value of the Indian Rupee. The groups investment in IMI its largest.
Despite a fall in stake value, the company has seen a growth of 14% in sales and earnings before interest, taxes, depreciation and amortisation (EBITDA) up 26% year on year and profit after tax up by 43%.
IMI provide specialised next generation mobile internet services to mobile operators, enterprises and media companies. They have a global presence and employ over 650 people across Asia, Europe, America and the Middle East.
£1.4 million of IMI’s £7 million fall in value is representative of the full repayment of the remaining amount of a £2.5 million loan provided by SPARK to IMI to help in the acquisition of WIN plc in October 2010.
A further £2.2 million of the reduction can be attributed to the strengthening of the Sterling against the Indian Rupee alongside regulatory challenges within the Indian telecom market which affected the revenues in India.
This was posted in Bdaily's Members' News section by Francesca Dent .