Revenues and profits drop at communications tech provider
Mobile Tornado, which provides workforce management and Push-to-Talk over Cellular (PTToC) technology, says total revenues fell by 12% to £2.28m (2021: £2.59m) in its audited results for the year ended 31 December 2022.
The Harrogate-headquartered business also reported a pre-tax loss of £1.4m (2021: £861,000 pre-tax loss).
Jeremy Fenn, chairman, said: “The Board is fully committed to maintaining the technical advantages that have been established, at the same time driving a much deeper and wider business development operation.
“The outreach campaign that has been running since the start of the year has already generated a good flow of new partner and customer opportunities, many of them in new geographic markets.
“Our teams worked hard on multiple trials during the last 15 months and we are hopeful we will very shortly see a successful conclusion with full platform deployment.
“This would represent a significant commercial breakthrough, and we are confident will lead to a material uplift in financial performance as we push towards profitability in 2023.“
Mobile Tornado says a customer located in Canada, which it lost at the end of 2021, accounted for 20% of its total revenue and 10% of recurring revenues in the prior year comparative figures.
However, the company notes that outside of this loss, it was still able to record a modest increase in both total and recurring revenues across the remainder of its customer base.
The business adds it is confident its available cash resources together with the long-established recurring revenue customer base and anticipated future contracts will provide it with “adequate financial resources for the foreseeable future.”
Highlights for the year included successful trials of the company’s technology completed with several public sector organisations across South and Central America, with commercial discussions now in progress.
Mobile Tornado also closed a deal in the Caribbean with a leading mobile network operator.
