23rd Mar 2016 09:31
(Correcting revenue figures for healthcare business.)
LONDON (Alliance News) - Toumaz Ltd on Tuesday posted a wider pretax loss for 2015, after being hit with a GBP3.0 million impairment, but said it expects to be cash flow break-even by the middle of 2016.
The semiconductor technology company said its pretax loss was GBP16.4 million for the year ended December 31, widening from a loss of GBP13.5 million the previous year, on the back of an impairment booked on its audio products, as well as higher administration costs and share based payment costs.
This was not enough to offset the 22% increase in revenue to GBP32.0 million from GBP26.2 million.
Digital audio revenue rose 24% to GBP31.7 million from GBP25.5 million, while healthcare revenue fell to GBP300,000 from GBP750,000.
Toumaz said the first two months of 2016 saw "a solid sales performance" from its digital audio division.
The group added it was "satisfied" with trading, with cash resources of GBP7.7 million at year end and a projected positive cash-flow position in mid-2016.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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