Mobile network group reduces losses and improves revenues

Network and telecommunications group Mobile Tornado has reported increased revenues and reduced pre-tax losses in their annual results this morning.

For the year to 31 December 2018, the Harrogate-based company reported revenues of £3m, up from £2.5m the previous year. Although still making a loss, as it suggested it would in a trading update in February, it has managed to reduce this loss to a £1.9m loss before tax, compared to a £2.5m loss the year before.

The company said it saw “significant” improvement in handset sales, and sustained investment in its offerings were now being realised monetarily.

Mobile Tornado said it was “hugely encouraged” by the sales traction it had gained in the second half of the year, focusing on bundled solutions in its main markets in Israel, South America and Africa.

Jeremy Fenn, chairman of Mobile Tornado, said: “This year has been a landmark year and one of substantial development for the Group. Our improved operating efficiency following a long period of sustained investment is clearly paying off and the successful launch of our Bundled PTT offering which delivers a complete solution to end users has driven significantly improved financial performance.

“We are seeing increasing interest in the Group’s products and solutions, and where we encounter inevitable competition, we are demonstrating that we can succeed against established providers based on the superior quality, flexibility, robustness and features of our technical platform. The improved functionality and flexibility we now have has also driven down the total cost of ownership of our solutions widening our addressable market.

“Under Avi Tooba’s leadership, we have a strong team focused on consistent execution. We expect that the rapidly improving operating performance of the business will now deliver durable long-term cash flows and we are confident this will start to drive meaningful returns to our shareholders.”

No dividend will be paid this year.

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