Communications provider’s revenues fall amidst tough economic climate
Harrogate-headquartered Mobile Tornado has seen its total revenue drop by 27% to £2.53m (2019: £3.45m).
But issuing its audited results for the year ended 31 December 2020, the business says its recurring revenues remained largely unchanged at £2.04m (2019: £2.06m).
The listed company, which provides instant communication mobile solutions to the enterprise market, also reported a pre-tax loss of £1.4m (2019: £1m) along with an adjusted EBITDA loss of £0.37m (2019: profit of £0.01m).
Mobile Tornado notes its recurring revenue stream has remained stable despite the highly uncertain global economic environment, demonstrating the strength of its business model.
Its highlights for the year included the deployment of a “track and trace” application with the Government of Bahamas to assist management of quarantine in the fight against COVID-19.
It also signed a Partnership Agreement with global LTE telecoms solutions provider, Telrad Networks to offer an integrated, end-to-end solution for Push-to-Talk communication over broadband.
And the company’s partner network expanded with new agreements established covering Peru, Spain, Portugal, Andorra and the UK.
Jeremy Fenn, chairman of Mobile Tornado, said: “Notwithstanding the unique challenges that 2020 presented, I am pleased with the resilience the business has exhibited, and the financial results that were delivered.
“More importantly, we retained and expanded our global network of partners, and have entered 2021 with a strong pipeline of potential new customers.
“We will continue to innovate around the platform, but our core focus now is to scale the recurring revenue base, to drive the business to sustained profitability.
“There are clear signs that activity levels within our key markets are picking up and we look forward to the business getting back on track and delivering a positive outcome for the current year.”
