12th Jun 2025 12:04
(Alliance News) - Mobile Tornado Group PLC on Thursday saw its shares surge as it reported the appointment of a new Chief Executive Officer, and noted "cautious optimism" for the year ahead.
The Harrogate, England-based provider of resource management mobile solutions said it has appointed board member Luke Wilkinson as CEO, effective immediately. Wilkinson was previously chief operating officer at Mobile Tornado.
Acting CEO Jeremy Fenn steps aside to the role of Executive Chair. Fenn took over from Avi Tooba as CEO when he stepped down back in January 2023.
Shares in Mobile Tornado climbed 18% to 1.24 pence at midday on Thursday in London.
Mobile Tornado said its pretax loss for 2024 widened to GBP1.7 million from GBP1.1 million, as it reported a 10% decline in revenue to GBP2.0 million from GBP2.3 million.
Recurring revenue reduced 5.8% to GBP1.7 million from GBP1.9 million, with Mobile Tornado attributing the decline to a renegotiated contract with a South African partner.
Further hampering the bottom line was an increase in administrative expenses, rising 10% to GBP2.6 million from GBP2.3 million.
Executive Chair Jeremy Fenn said: "The board's focus remains on growing recurring revenues and converting our expanded pipeline into meaningful financial returns. We entered the new financial year with renewed sales momentum and a significantly reduced cost base. We are cautiously optimistic that the business will be able to deliver an improved set of financial results for 2025."
By Christopher Ward, Alliance News reporter
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