The CEO of Velti Plc, Alexandros Moukas told SeeNews in an interview that the company is planning to strengthen its leading position on the Bulgarian market as the mobile marketing and advertising sector continues to grow amidst global economic downturn. He added, “We have an active M&A strategy, as our recent acquisition of leading mobile advertising routing technology provider Ad Infuse shows, but we have no plans for more investment in companies in the SEE region. Although that’s not to say it couldn’t happen. One thing we’ve noticed in the current climate is that mobile marketing technology companies that previously relied heavily on funding are, in some cases, coming unstuck. As funding becomes tougher to come by these companies can become open to acquisition, which provides companies like Velti with an opportunity, especially when the technology or footprint of that company is complementary to ours.”

Velti Plc announced senior management hires, including the appointment of Wilson W. Cheung as Chief Financial Officer with effect from 5 October 2009. Three other senior executive appointments have also been made, namely Mike Walsh as VP of Business Development, Dakota Sullivan as Global VP of Marketing and Greg Bauer as VP, US East Mobile Solutions. Wilson W. Cheung joins Velti from AXT Inc., a NASDAQ-listed semiconductor firm where he has been CFO since 2004. AXT has more than 1,000-employees with operations in the US, Europe and Asia. Prior to AXT, he held senior financial positions at NASDAQ-listed Yahoo! Inc. and Interwave Communications. A Certified Public Accountant, he has worked as an auditor with Deloitte & Touche and KPMG. Mr. Cheung will be based primarily in Europe but will also be spending significant time in Velti's operations in the US; in anticipation of further growth and development, the company plans to strengthen its finance teams in London and San Francisco. Pantelis Papageorgiou, Finance Director, will step down from the Board on 5 October 2009 but will remain with the Company for the time being.

Velti Plc announced unaudited consolidated earnings results for the six months ended June 30, 2009. For the period, the company reported EBITDA of €6.81 million, operating profit of €3.7 million, profit after tax of €2.26 million or 6.7 cents per share on the revenue of €21.6 million compared to EBITDA of €3.88 million, operating profit of €2.01 million, profit after tax of €1.24 million or 3.7 cents per share on the revenue of €15.9 million for the same period last year. On adjusted operations, the company reported EBITDA of €7.23 million, operating profit of €3.99 million, profit after tax of €2.7 million or 8 cents per share compared to EBITDA of €4.47 million, operating profit of €2.6 million, profit after tax of €1.82 million or 5.5 cents per share for the same period last year. The company reported profit before tax of €2.72 million compared to €1.59 million for the same period last year. The company reported net cash generated from operating activities of €0.732 million, purchase of property, plant and equipment of €0.306 million and purchase of intangible assets of €4.77 million compared to net cash generated from operating activities of €3.38 million, purchase of property, plant and equipment of €0.754 million and purchase of intangible assets of €6.84 million for the same period last year.