29th Sep 2014 11:30
LONDON (Alliance News) - Messaging International PLC said Monday that increased research and development costs will continue for the remainder of 2014, as it posted a widened pretax loss for the half year to end-June.
The messaging services provider posted a pretax loss of GBP186,664, widened from a loss of GBP36,896 a year before, as revenue declined to GBP1.9 million from GBP2.0 million, and operating expenses increased.
It has been adding new features and functions to its messaging applications, and new versions were uploaded to Apple Inc's App Store and Google Inc's Play Store. Updated versions of the applications are expected to be uploaded in the coming months, it said.
Messaging International said it has opted to develop its own sales and marketing channels, and will invest in marketing techniques including blogs, newsletters and white-papers. It launched its new website in late August.
This has led to higher costs, which the company expects to continue, although it expects funding of USD900,000 from the international Industrial Research and Development Foundation will help cover part of this cost.
Shares in Messaging International were trading down 4.9% at 0.975 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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