21st Apr 2016 08:49
LONDON (Alliance News) - Mporium Group PLC Thursday reported a flat pretax loss for 2015 as it underwent a reorganisation under new Chief Executive Barry Moat.
Mporium reported a pretax loss of GBP5.1 million, flat from the previous year, as a rise in revenue to GBP1.3 million from GBP915,931 was offset by higher administrative costs, as the company looked to reorganise and focus on new products.
Moat joined the company in June, and under a new management team, the business underwent a complete business review. During the second half of the year MoPowered raised funds and then acquired Fast Web Media Ltd, as well as selling its own Global Mobile Transactions business.
It then entered into a share swap agreement with Norwegian data management specialists Cxense ASA to licence its technology. Mporium decommissioned the development of its previous Mopowered platforms, and rationalised its operating base, "dramatically" reducing staff levels.
Mporium attributed its revenue growth to the acquisition of Fast Web Media.
"Since joining the group last June, we have undertaken a fundamental reorganisation of the business and implemented an intensive programme of new product development. With an experienced management team now in place, there is a strong foundation in terms of personnel and truly innovative technology," said Moat in a statement.
Shares in Mporium were down 1.3% at 8.26 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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