Love from new markets helps online dating firm Cupid grow

ONLINE dating firm Cupid has said it expects another year of healthy growth, after posting a 31 per cent rise in full-year profits yesterday.

Pre-tax profits at the firm, which operates in 58 countries, jumped to £9.2m from £7m in 2011, while total revenue soared 51 per cent to £80.9m in the year to 31 December.

The Edinburgh-based company attributed the performance to strong growth in its newer markets of France and the US during the second half of the year, providing greater income than its more established markets.

“Whilst it is still early in the year, we are confident that the business is well positioned for another year of healthy revenue growth, profitability and cash generation,” said chief executive Bill Dobbie.

Cupid, which bought AGL and Uniform Dating last year, said it is targeting growth from emerging markets in Brazil and India.

It plans to increase its final dividend by 33 per cent to 3p per share.