21st Jan 2016 09:31
LONDON (Alliance News) - Toumaz Ltd said Thursday it expects to report a 22% rise in revenue for 2015, boosted by a strong performance from its digital audio business Frontier Silicon.
The company expects to report revenue of GBP32.1 million, up from GBP26.2 million in 2014, of which digital audio revenue made up the vast majority at GBP31.8 million.
Toumaz expects a loss before interest, tax, depreciation, and amortisation of GBP7.8 million, narrowed from a loss of GBP9.8 million the year before.
"Digital Audio is well positioned to make strong progress in 2016. Development of our fourth generation digital radio chip was completed in April and is now shipping in significant volumes," said Chief Executive Officer Anthony Sethill in a statement.
"Our next generation connected audio solution, incorporating Google Cast, is due for release in the middle of 2016. This project represents a major opportunity, as Frontier Silicon is one of a very small number of system integrators to be working with Google in connected audio," Sethill added.
Shares in Toumaz were up 8.0% at 2.70 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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