The organisation behind the online dating sites cupid.com and datetheuk.com has now appeared as Britain’s first internet dating company that has been listed on the stock exchange.
Scottish based Easydate made its first appearance on London’s junior stock market, gaining around £8 million once fees had been deducted to increase and make further in roads into the ever growing online dating business, said to be worth around 1 billion pounds globally. They have been a small player in the online dating industry but they are now moving forward in leaps and bounds.
The group’s share prices were 70 p offering Easydate a market worth of about £40 million, before the stock increased by 3.5%.
Easydate was founded by Bill Doidge and his Lithuanian business associate Baxter Polkavov in 2006 and has gained more than 9 m members in Britain and globally. Quite impressive for a company that is not US based.
It runs a web of online dating sites, which includes benaughty.co and datingforparents.co and last year became widespread outside Britain as part of a wider plan to aim at new possible markets.
Easydate made profits before tax of over £3 million in 2011on a turnover of £9.5 million and is said to expect income to reach £19.5 million next year. The group is increasing its membership by 300,000 every month and claims its model is marketed at a very low cost.
It employs nearly 150 staff, even though most of them are based as technical staff it is part of an online selling team whose base is in Lithuania.
Founder and CEO Mr Doidge said he expects the cash that brought it through to the placing will expand Easydate into a “notable world internet dating company.”
“The reaction we have had from the market throughout the placing has been fabulous. After such extreme work to get the business so far, we are now hoping for life as an AIM announced company and the options that will become forthcoming,” he said.