LONDON (Reuters) - Interactive digital broadcaster Cellcast said its partially-owned Asian business posted a 400 percent increase in revenues in the second half of 2009, sending its shares up over 30 percent on Thursday.
Cellcast Asia, in which the company owns a 37.5 percent stake, expected profits for the last six months of 2009 would be over $2 million (1.26 million pounds) after revenues soared to $6.4 million in the period, driven by rapid growth in the Indian mobile market.
The Asian unit of AIM-listed Cellcast operates in the interactive television space in the Indian subcontinent, where it says it has benefited from the fast growth in new mobile subscribers in India as well as strategic support from mobile operators and broadcasters.
Cellcast Asia said it anticipates continued growth in 2010 fuelled by increased distribution on its national platform and greater penetration of regional markets with production in local languages.
Cellcast shares were up 11.9 percent to 5.9 pence at 1105 GMT, valuing the company at 4.4 million pounds ($6.99 million), having earlier been as high as 7.6 pence. (Reporting by Sarah Young; Editing by Matt Scuffham)
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