13th May 2014 11:39
LONDON (Alliance News) - MoPowered Group PLC Tuesday said revenue for 2013 rose 33% to GBP1.0 million from GBP761,000 a year earlier, after secured 79 new clients, including fashion retailer SuperDry, owned by SuperGroup PLC, and the British Broadcasting Corp.
The mobile commerce firm, which listed in December, said gross profit rose to GBP592,000 in 2013, up from GBP375,000 in 2012. The company also made a GBP2.2 million loss before interest, taxation, depreciation and amortisation, unchanged from the previous period.
MoPowered said it has GBP2.6 million in cash after raising GBP2.9 million from its initial public offering.
The firm said it is continuing to building on momentum generated in 2013, with "continued positive progress being made on lead generation and good conversion of new merchants".
However, it said the "on-boarding" of new merchants has been slightly longer and more costly than anticipated but this is improving as additional technology development further improves the automation of our processes.
"The funds raised at the time of IPO are being used to increase our sales activities, develop our products, improve operating efficiency and conversion performance and thereby enhance profitability for both our customers and our shareholders," Chairman Mike Hughes said in a statement.
"We remain focussed on meeting our customers' needs through innovations that help them grow their businesses," he added.
MoPowered shares were quoted down 6.0% at 74.25 pence Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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