17th Apr 2019 11:13
LONDON (Alliance News) - Mobile Tornado Group PLC on Wednesday said its loss narrowed in 2018, helped by improved demand for products and lower operating costs.
The mobile applications developer reported pretax loss of GBP1.9 million for 2018 compared with GBP2.5 million loss a year earlier, as revenue rose by 18% to GBP3.0 million from GBP2.5 million.
Mobile Tornado explained that improvement in its financial performance in 2018 was not driven entirely from increased sales.
The company said it has made multiple enhancements to its technical platform, which has allowed the company to operate its technical platform more efficiently and was the primary reason for the GBP600,000 reduction in administrative expenses to GBP3.6 million.
"This year has been a landmark year and one of substantial development for the group," said Chair Jeremy Fenn. "We are seeing increasing interest in the group's products and solutions, and where we encounter inevitable competition, we are demonstrating that we can succeed against established providers based on the superior quality, flexibility, robustness and features of our technical platform."
Fenn added: "We expect that the rapidly improving operating performance of the business will now deliver durable long-term cash flows and we are confident this will start to drive meaningful returns to our shareholders."
Mobile Tornado shares were trading 4.0% higher on Wednesday at 5.25 pence each.
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