FAST-growing Edinburgh-based internet dating company Cupid is lining up more deals as increased use of smartphones and social networking boosts the market.

Cupid chairman George Elliott told its annual investor meeting in the capital: "We are currently investigating several acquisition opportunities which are within our normal pricing and performance parameters."

Cupid, headed by Scottish entrepreneur Bill Dobbie, has expanded rapidly since listing on the junior Alternative Investment Market in June 2010.

Its shares closed at 201.5p yesterday, more than three times their 60p initial listing price although the stock lags a high of 260p reached at the end of June last year.

Cupid, originally called Easydate until Sir Stelios Haji-Ioannou's easyGroup objected, operates brands including and

Cupid has made several acquisitions recently, including Brazilian websites, a traditional dating site and, a site for single parents, and two German websites.

Mr Elliott said: "During the first half of 2012, the company has seen rapid growth in the popularity of its products, in particular within the new markets of the US and Europe, and consequently the board is confident that it will meet current full year market expectations."

Analysts at house broker Peel Hunt tip Cupid to post £16.5 million of earnings before interest, taxation, depreciation and amortisation for the year. This would present a near 50% increase on last year's earnings of £11.3m.

Peel Hunt analyst Paul Morland said the update "should reassure the market that Cupid's strategy is working and profitable growth continues to be rapid".

Mr Elliott said online dating continues to grow and the company is working on new products to boost its reach.

Cupid, which in March parted company with co-founder Max Polyakov, is due to publish its half-year results on September 3.