Mobile Tornado narrows pre-tax loss and agrees deal
MOBILE Tornado has narrowed its pre-tax loss in the first half of the year as it also announced a strategic partnership with US firm Alvarion Technologies.
The Harrogate-based company, which provides instant communication software that can be used on mobile phones, posted a pretax loss of £1.35m in the six months to June 30, from a loss of £1.4m last time.
Mobile Tornado said the loss was due to investment in its products.
The group’s cash position went from £2.4m at full year 2013 to £800,000.
Revenue came in at £1m, from £1.4m in the prior year period. While cost of sales was lower, other operating expenses were higher.
Chief executive Jeremy Fenn said: “I am delighted that we are achieving increased engagement with customers across all parts of our business. We are focussed on converting this momentum into an improved financial performance.
“I look forward to bringing shareholders further updates as we move into the second half. Current trading since the period end has remained in line with the board’s expectations for the full year.”
The group also announced it has signed an exclusive strategic partnership with Alvarion Technologies to integrate its instant communication services into Alvarion’s WiFi platform solution.
Giora Levi, CEO of Alvarion said: “The Alvarion strategy is to deliver a full service solution to “smart cities” across our carrier class wifi platform. We see the Instant Communication suite of services developed by Mobile Tornado as a critical component of this service offering, particularly within an encrypted environment, and look forward to a mutually successful partnership.”
Fenn added: “We are delighted to form this partnership deal with Alvarion. As the telecommunications market develops, we believe WiFi will play an ever increasing role within it, particularly in respect of the development of “smart cities”. This is an area that we have identified as a key growth opportunity, given the Homeland Security components of any “smart city” deployment.”
