20th Feb 2019 14:18
LONDON (Alliance News) - Mobile Tornado Group PLC said Wednesday trading in the second half of the year was in line with expectations and full year results will meet expectations.
Shares in the communication services provider were up 18% in afternoon trading at 3.90 pence each.
The company said a "good" trading performance in the second half resulted in a "significant" improvement in Mobile Tornado's adjusted earnings before interest, taxes, depreciation and amortisation loss compared to the previous six months.
Mobile Tornado reported an adjusted Ebitda loss of GBP640,000 for the first half to June 2018.
"Given the momentum generated in the second half of 2018, the board is optimistic and excited about the opportunities that lie ahead in 2019. Our significant and continued investment in the technical platform has begun to pay off," said Chair Jeremy Fenn.
Mobile Tornado expects to record revenue and adjusted Ebitda for 2018 in line with market expectations. The company reported revenue of GBP2.5 million in 2017.
The Israeli company said its second half trading was driven by a "major" mobile network operator contract, which Mobile Tornado said is generating "encouraging early sales".
The company also believes its improved product offering contributed to the second half performance.
Related Shares:
Mobile Tornado