Losses reduced at Mobile Tornado
TELECOMS company Mobile Tornado today reported “six months of solid progress” which has resulted in reduced losses.
For the six months to June 30, the AIM-listed Harrogate-headquartered business saw turnover increase to £885,000 compared to £618,000 over the same period last year.
Group operating loss reduced to £499,000 from just over £1m. After finance costs of £189,000 and a tax credit of £122,000, the net loss for the period was £566,000.
Mobile Tornado’s principal shareholder is InTechnology, run by entrepreneur Peter Wilkinson.
Mr Wilkinson, chairman of Mobile Tornado, said: “It is very pleasing to report another six months of solid progress across the business. This has been reflected in the financial results for the period, with sales increasing by 43% on the same period last year, and operating losses more than halving.
“As I have reported in previous statements, we are seeing an increasing interest in our proposition from businesses around the world, but it is extremely gratifying to see this interest converting to sales and cashflow.
“The deals we concluded during the period demonstrate the strength of our proposition in the global market and the multiple channels through which it is being deployed.”
Mr Wilkinson said the company would continue to focus on developing economies following wins in South Africa and Guatemala and was in discussions with potential partners in Mexico and Brazil.
Commenting on the main drivers for business, he added: “The rapid penetration of smartphones in the consumer market has now shifted to the enterprise space with the likes of Motorola, Intermec and Honeywell delivering more compact, smarter devices into the market.
“Advanced features such as GPS functionality have enabled more feature rich services and allowed software companies to develop ever more sophisticated applications to enhance productivity in the workforce.
“The one feature that an increasing number of enterprises are now demanding is a more effective way to communicate than the traditional phone. Alongside a desire to converge all applications onto one device, we are therefore seeing increasing demand for the Instant Talk application that sits at the core of our proposition.
“We have had to be extremely patient but it would now appear that market trends are moving in our direction, evidenced by the improving financial performance and by the quality of customers and partners that we are now engaged with.”
