18th Sep 2019 13:28
(Alliance News) - Mobile Tornado Group PLC on Wednesday posted a narrowed loss for the first half of the year, thanks to a drop in costs and expenses and higher non-recurring revenue.
Shares in Mobile Tornado were up 7.2% at 5.20 pence in London in afternoon trading.
The company, which provides instant-communication mobile applications, reported a GBP691,000 pretax loss for the six months ended June 30, narrowed from GBP1.1 million a year before.
Aiding in this was a 25% rise in revenue to GBP1.5 million from GBP1.2 million, with non-recurring revenue - installation fees, professional services, hardware - more than doubling to GBP510,000 from GBP210,000.
On top of this, operating expenses fell 5.3% to GBP1.8 million from GBP1.9 million, plus finance costs shrank to GBP290,000 from GBP334,000.
Chair Jeremy Fenn said: "I expect the recurring revenue streams to return to growth in the second half of the current financial year as our efforts across Africa and South America, in particular, begin to gain traction. In Israel, we have a strong pipeline of new deals which we are confident will be developed further as the IDEN shutdown approaches at the end of the current calendar year."
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