ONLINE dating firm Cupid yesterday announced a 51 per cent rise in first-half revenues to £38.6m, boosted by substantial growth in new markets.
The Edinburgh-based company attributed the performance to effective use of the advertising budget for its sites, which include Be Naughty and Mature Dating UK.
“Over the past six months we have taken the business on to a new tier, growing from £53.6m annual revenues in 2011 to annualised revenues of £77.2m based on first half figures, largely through organic growth delivered through intelligent and targeted marketing spend using our in-house software platform that allows us to measure marketing performance in real-time,” said chief executive Bill Dobbie.
Although the firm recorded a 122 per cent jump in income from new markets – which includes USA, Canada, Spain and Germany – overall profits were stubbornly flat at £5.9m.
Shares in the firm closed down 1.4 per cent.