For the Financial Year 2012, InternetQ has comprehensively delivered its best ever performance in terms of revenues and profits. The Company's performance, and collective ability to deal with the challenging operational environment during the past year is not only a result of strong operational execution but can also be attributed to our strategic approach to managing costs, cash flow and our balance sheet.
During 2012 we focused on the strict control of the Group's operational expenses. Our aim in the past year has been to reduce or eliminate all non-essential or embedded costs and to cut back on less profitable projects. Secondly, we have taken measures to reduce working capital needs and improve cash conversion.
Group revenues in 2012 amounted to €73.4 million representing 47% growth compared to previous year (2011: €50.1 million), with all segments delivering substantial sales growth. Revenues from Mobile Marketing activities grew by 40% to €57.5 million (2011: €41.2 million) while revenues from Akazoo grew by 90% to €11.4 million (2011: €6 million).
Administration costs increased by 21% compared to the previous year, primarily due to the share incentive plan granted to employees and to the share based payments related to the acquisition of I-POP. EBITDA grew by 64% to €10.6 million (2011: €6.5 million), a margin of 14.4% (2011: 12.9%). Adjusted EBITDA grew by 66% to €12.2 million (2011: €7.4 million) a margin of 16.7% (2011: 14.7%). Profit after income tax for the year reached €6 million compared to €2.4million for 2011. Adjusted Profit after Income tax for the year reached €7.7 million compared to €3.3 million for 2011 (adjusted figures relate to share incentive plans and acquisition costs amounting to €1.7 million).
Investment in Akazoo and Minimob platforms resulted in an increase in capital expenditure. Total capital expenditure including intangibles for the year ended 31 December 2012 stood at €7.9 million, an increase of 44% from the previous year (2011: €5.5 million).
The Group ended 2012 with €7.1 million net cash (2011: €8.2 million), which consisted of €9.3 million (2011: €10.6 million) cash and cash equivalents and restricted cash and €2.2 million (2011: €2.4 million) bank debt. The terms and conditions of the Group's borrowing agreements continue to be relatively favourable. Our €0.5 million bond loan arrangement matures in April 2013 and another €0.34 million term loan matures in March 2014.
InternetQ is entering 2013 in a stronger financial position than the one we found ourselves at the beginning of 2012 having delivered financial results beyond expectations. A significant proportion of this success can be attributed to our dedicated efforts to balance strict cost control with selective investment, to reduce working capital needs and increase cash conversion, and to reinforce the Group's financial position. We have positioned the Group more strongly from an operational, as well as from a financial, standpoint, and we will continue to capitalize on this position going forward.