Online dating site Cupid.com recovering

cupidrecover

Cupid recovering in spite of pressure from mobile dating apps

CUPID, the online dating group based in Edinburgh, has reported a “significant progress” in the recovery, but suffers facing some pressure from the modern generation of mobile apps such as Lovoo and Tinder.

Ahead of its meeting in Edinburgh, at which of a six-man board were only present four directors, Cupid said that it expected a net loss of £3 million for a first half of a year, lower than expected. However, revenue would be lower than expected at around £7m. Round management of costs forecasts cash would be around £11m. Last year Cupid reversed from a profit of £4.2 m to a £2.8 m loss.

The representatives said: “The market of dating continues to report increase and our focusing strategy on niches remains to be a strong option. However, there is a growing pressure from the new generation of more social, mobile, intuitive dating applications. But, still we continue to develop the core offering.”

Chief executive, Phil Gripton, said after this meeting that the first half of this year is about fixing, while the second is about accelerating.”

Successful ratings

Online dating site Cupid.com attracted more than 12,000 new active members in the United Kingdom, and more than 20,000 in the United States, in the first weeks after its relaunch and redesign.

Mr Gripton said that Cupid had joined now the Online Dating Association, alongside with Guardian Soulmates and Match.com, after “re-engineering our approaches and products so we are able to be absolutely compliant” with the code of practice of ODA.

Cupid was promoted as a brand in the United States, and was featured as co-sponsor in a New York premiere of movie, while Lovebeginsat.com used TV advertising, said Mr Gripton, adding: “We’ve been very good about cost controls, ensuring we are spending right and scaled to that size of business that we are.”

Chairman George Elliott said that the ODA endorsement was the further high quality independent recognition of our much customer-focused, improved approach.

Cupid shares have edged up to 41.62p, above their record low, evaluating the business at under £30 million. Recently Kestrel Opportunities has taken its stake to 17%, while Bill Dobbie, co-founder, who at the beginning of this year stepped down as chief executive but remains on the board, has more than 20%.

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