Market Update

RNS Number : 8868H

SocialGO plc

06 June 2011

 



6 June 2011

SocialGO Plc

 ("SocialGO" or the "Company")

Market Update

SocialGO, the AIM-quoted developer and provider of software for the on-line social media sector, will hold its Annual General Meeting on 10 June 2011.  In advance of the AGM the Company today provides the following update.

Sales of the SocialGO™ Software as a Service product offering continue as expected with new monthly subscriptions and upgrades for the first quarter of 2011 continuing in line with management's expectations.

Development of Version 2 (V2) of the SocialGO product is on course to launch this summer following final user testing.

It is the nature of internet products that the first version acts as proof of concept, business model and market, while the development of the second version is considerably informed by the first.  Version 2 of the SocialGO product is designed to not only appeal to a wider audience, but for it also to be easier to adopt and use.  It is more relevant to users' needs, for example by integrating with social media services such as Facebook and Twitter.  Being more flexible in design and content it replaces the traditional website making services by offering the same feature set but augmenting the product by incorporating new and important social media and networking tools.

The two key business metrics that measure success in this sector are adoption and retention rates. Even a modest increase in both is expected to make a material difference to sales and net income. We believe that V2 has the potential to greatly improve on those metrics. 

Alex Halliday CEO commented:

"SocialGO is active in a dynamic and fast evolving market. Evidence suggests that the potential of the market is real and at SocialGO we are successfully carving out our business within it. I have great confidence in our future and look forward to continuing to keep shareholders informed as to our progress."

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For further information, please contact:

SocialGO plc
Dominic Wheatley, Chairman Alex Halliday, CEO	Tel: [phone]
	www.socialgoplc.com

Canaccord Genuity Limited
Mark Williams / Christopher Fincken	Tel: [phone] www.canaccordgenuity.com
First Columbus
John Nuttall / Chris Crawford / Kelly Gardiner	Tel: [phone]
	www.first-columbus.com

Pelham Bell Pottinger
Mark Antelme / Charlie Stewart	Tel: [phone] 3233894 www.pelhambellpottinger.co.uk

About SocialGO

SocialGO Plc is a developer and provider of software as a service which allows customers to build their own online social presence, SocialGO™.  SocialGO's software allows customers to quickly and easily create, manage and control their own private social media presence and provides the members of these websites with the ability to communicate and share with like minded people in a controlled and secure environment.  SocialGO derives its revenues from subscription premiums paid by website owners and from selling value added services which allows website owners to maximise the social media experience and the revenues that they can derive from creating and managing a social media presence.  SocialGO is part of the burgeoning Silicon Roundabout in London, UK.

www.sgv2.com

 

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