31st Mar 2021 14:25
Mobile Tornado Group PLC - Harrogate, England-based provider of instant communication mobile solutions - Reports 2020 revenue of GBP2.5 million, down 27% from GBP3.5 million in 2019, while pretax loss widens to GBP1.4 million from GBP1.0 million. Says this is due to non-recurring revenue, comprising installation fees, hardware, professional services and capital expenditure license fees, being hurt by the Covid-19 pandemic. As a result, it continues to not pay a dividend.
"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," says Chair Jeremy Fenn.
Looking ahead, Mobile Tornado says its core focus is to increase its 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," says Fenn.
Current stock price: 4.65 pence
Year-to-date change: up 19%
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Mobile Tornado