Mobile communications specialist reduces losses

Mobile Tornado, the Harrogate firm specialising in push-to-talk mobile communications used for emergency alerts and mission critical comms, reduced its full-year EBITDA loss to £250,000 from £280,000 in 2022 according to final results published today.

The firm’s total revenues fell marginally to £2.27m in 2023, from £2.28m in 2022. Administrative costs fell by 7% over the same period, from £2.51m to £2.33m. IBGy the end of December, it had £190,000 cash reserves, with net debt of £10.7m.

The firm said it launched a business development strategy in early 2023, supported by a £500,000 equity fundraise, to deliver a wider partner network through trade shows and outreach campaigns.

As a result it had closed a deal with a Middle East mobile network operator, and agreed partnerships with firms including Ericsson, Radiocomms and Barcode Warehouse.

Deals with Leeds Bradford airport, a major electricity utility company in Mexico, a national security company in South Africa, an international hotel group in the Caribbean and Northern Trains in the UK had concluded.

Jeremy Fenn, chairman and acting chief executive, said, “The strategy we launched in early 2023 to widen our network of industry partners, strengthen existing partner relationships, and establish a presence in new international markets has been successful. We have significantly expanded our addressable market over the last 18 months and the plan is to continue investing in this strategy as we move through this year and into 2025.

“The market in which we operate continues to gather momentum as network coverage and connectivity improve, making PTToC [push-to-talk over cellular] a genuine alternative to traditional radio systems for those customers seeking real time communications for their remote teams. We will continue evolving our platform to ensure it maintains its technical advantages and meets the requirements of customers.

“The board is focused on growing the company’s recurring revenues as this will be the primary driver for delivering increased shareholder value. We are now engaged with significantly more partners and end customers than we were 18 months ago, and I am hopeful that these relationships will begin to deliver material uplifts in revenue as we move forward.”