1st Aug 2014 08:47
LONDON (Alliance News) - Toumaz Ltd Friday said it saw strong revenue growth in the first half of the year, but its operating loss was unchanged from the year before.
The low power wireless semiconductor technology company said trading in the six months to June 30 was in line with its own expectations, with revenue increasing to GBP10.8 million, from GBP8.2 million a year earlier.
However, the company's shares were trading lower Friday morning, as it said its loss before interest, taxes, depreciation and amortisation was the same as a year earlier, at GBP5.6 million. It didn't provide the reason in its trading update.
Toumaz shares were trading 2.5% lower at 7.00 pence.
The group said its healthcare division continues to make good progress, with sales and distribution networks for SensiumVitals, its wireless patient vital signs monitoring system, now established in 19 countries.
"In the coming months, we expect to see hospitals in several markets adopting the system. In the UK, our first evaluation by an NHS hospital is due to begin this quarter," said Chief Executive Officer Anthony Sethill in a statement.
Toumaz said its Consumer Audio business is benefiting from market growth in both digital radio and connected audio, driven by strong performance in Germany and Norway.
The group said its two "next generation" silicon programmes for Digital Radio and Connected Audio are both on track and on budget. It said it is still expecting first revenues for Digital Radio to come through in the fourth quarter of this financial year, and for Connected Audio, in the second half of 2015.
"Our next generation silicon projects will significantly enhance our proposition to customers. Both projects are progressing to plan," said Sethill.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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