30th Jun 2016 17:01
LONDON (Alliance News) - SerVision PLC on Thursday reported a wider pretax loss in 2015 as sales fell below expectations following a poor performance in China.
The mobile video technology provider said its pretax loss in 2015 widened to USD2.6 million from USD794,000 in 2014, as revenue fell to USD2.2 million from USD4.2 million, which SerVision said was lower than anticipated due to "lacklustre" sales in China.
"Our final results for the year ended December 31, 2015 are underwhelming and a disappointing outcome for all shareholders. However the board takes confidence in the future prospects from our new business model in the UK which is beginning to gain increased traction, and I do anticipate significant, more consistent revenue growth in this important market going forward," Chairman and Chief Executive Gideon Tahan said in a statement.
"In addition, we are excited and optimistic about the release of an entirely new hardware and software platform which we are confident has significant commercial potential worldwide, and by our new integration with Mobileye which is enabling us to enter a new vertical market for smart/safe driving applications," he added.
Shares in SerVision closed down 16% at 2.00 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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