(MENAFN- ProactiveInvestors)Globo (LON:GBO) has moved to calm any potential investor fears over Greece's financial situation amid its own share price fall. The organiser app specialist said it noted the "significant move in its share price since" July 22 but was "not aware of any material reason for the decline" and reiterated that that there was "no financial or operational impact expected as a result of this turmoil". "Since Greece has entered into an agreement with its lenders we see the Greek market returning to a degree of normality over the coming weeks and months" it said. It comes after earlier this month the group had said it would see only limited impact if Greece left the Eurozone and might benefit as it would lower its cost base. Globo hails from Greece though in 2014 only 12% revenue was generated there with all of that income collected. In the current year growth elsewhere will reduce Greece's contribution to between 6-7% of the sales total. Globo said marketing relating to the potential issue of longer term debt in the form of high yield notes was continuing with the proceeds expected to be used within two years mainly for future acquisitions with an anticipated value of more than US$150mln. "Although recent events in Greece and China have caused the high yield markets to stall over the past few weeks we are confident that this is the right time to accelerate our growth and execution capabilities as we build a leadership position in the Mobile Enterprise space" the group said. "We expect any future acquisitions to be EBITDA accretive and significantly outweigh any coupon costs in relation to the bonds for which Globo has recently received a credit rating of BB- from S&P and B2 from Moody's." The first half trading update earlier this month showed group revenues grew by 56% to €72.4million driven by the GO!Enterprise business which grew by 126% year-on year. Today chief executive Costis Papadimitrakopoulos said: "The past 30 days have been challenging for global markets with events in Greece and China having unnerved investors. "We continue to experience positive trading conditions and are confident in our strategy to create value for our shareholders in a robust and growing mobile services market worldwide." Shares are today down 9.41% to 38.5 and have eased around 20% since July 22.
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