Mobile advertising and marketing solutions company Velti (NASDAQ:VELT) has announced its FY11 results for the period ending 31 December 2011.

Revenue was $189 million, up 63 percent year-on-year.

This was generated 16 percent from mobile advertising and 84 percent from mobile marketing.

Revenue after third party costs was $135 million, a margin of 72 percent, and up 70 percent.

Velti made a GAAP net loss of $15.4 million, compared to a net loss of $15.7 during FY2010.

Its non-GAAP adjusted net income was $29 million, compared to $3 million a year ago.

Inflexion point

"We are very pleased with our fourth quarter and fiscal year results," said CEO Alex Moukas.

"Our revenue growth was characterised by a significant increase of our customers across brands and advertising agencies, with existing customers spending 44 percent more for Velti software solutions that allow them to access the mobile market in a targeted and measurable way.

"2012 is going to be a great year for Velti. We are at the inflection point with consumers moving to the post-PC world and Velti is very well positioned to benefit from this."

Strong quarter

Revenue during Velti's Q4 was $87.1 million, up 52 percent year-on-year.

GAAP net income was $25 million, compared to $2 million in Q4 FY10.

During the three months, Velti completed the acquisitions of Air2Web and Mobile Interactive Group, which expanded its presence in the US, the UK and India.

The company finished 2011 with cash and cash equivalents worth $75.8 million, compared to $17.4 million at the end of 2010.

[source: Velti / detailed PDF]