Mobile Tornado ‘moving in the right direction’ as it reports double digit revenue growth
AIM-listed Mobile Tornado has increased its revenues by 12% in the first half of 2018 and has today announced a working capital facility of £300,000 from Intechnology to fund growing sales pipeline.
The Harrogate-based communications firm this morning published its results for the six-month period to 30 June 2018. In the period, its revenue increased by 12% to £1.23m from £1.11m.
Pre-tax losses narrowed to £1.03m from £1.06m in the same period last year. The basic loss per share was 0.34p (H1 2017: 0.42p).
The firm said it had secured a contract win with major Mobile Network Operator in Israel duriong the first half of thear, which positioned it to capitalise on “significant opportunity” in the Israeli market. “Initial sales of bundled perpetual licenses (alongside devices and hardware) under new Capex Model illustrates growing demand for complete PTT solutions,” said Mobile Tornado.
The company added that technology improvements including the expansion of its handset range had been implemented.
This morning, post period end, it announced an additional working capital facility of £300,000 from Intechnology to fund growing sales pipeline and improve its balance sheet efficiency.
Jeremy Fenn, chairman of Mobile Tornado, said: “The Directors consider that the outlook is positive and these are exciting times for the Group, as the efforts of the past 12 months begin to deliver real sales growth that should be demonstrated in the second half of the year.”
Mobile Tornado added: “The Board is pleased to report that the Group has made good progress in the first half of 2018. Despite reported sales and revenues remaining largely constant as license numbers were similar over the reporting period, there is a lot to feel positive about. The Board is excited to see the efforts of the team translate into a significant uplift in sales and revenue momentum in recent weeks post the period end. Whilst these will impact the second half reporting period, they demonstrate that we are clearly moving in the right direction.”