25th Apr 2018 12:12
LONDON (Alliance News) - Mporium Group PLC on Wednesday expressed confidence for its year ahead after its loss narrowed in 2017.
The mobile technology firm reported a pretax loss of GBP3.9 million, narrowed from a pretax loss of GBP4.8 million the prior year. Revenue grew year-on-year to GBP2.0 million from GBP1.8 million.
In November, Mporium received income of GBP1.1 million from Cxense ASA, a former commercial partner. This income related to non-trading activities associated with the removal of a lock-in agreement.
During the year, the company said it actively invested in its Impact product, which monitors television programmes, sports matches and social media to trigger targeted digital advertising campaigns for clients.
As a result, administrative expenses rose 8.1% to GBP6.8 million from GBP6.3 million the year before.
The company opted to market Impact through advertising and by the end of the year had built strong relationships with several large network agencies and key independent agencies.
Looking ahead, Mporium said it remains focused on further developing the relationships with agencies, as well as targeting new agencies and brands.
"2017 has been an important year for the group in regards to market penetration, and we are very pleased to have signed commercial agreements with several of the world's largest independent advertising agencies and with brands directly," said Chief Executive Nelius Groot.
"The board is confident that the growth of the digital advertising market, alongside a number of incoming business and regulatory factors, will drive forward the monetisation of Mporium's technology over the period ahead," Groot added.
The stock was trading 5.7% lower at 6.25 pence per share on Wednesday.
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