23rd Sep 2013 10:22
LONDON (Alliance News) - Toumaz Limited Monday said pretax losses widened for the first half, as its results were affected by the integration of digital-radio technology firm Frontier Silicon.
The low-power wireless semiconductor and software technology company posted pretax losses of GBP7.6 million for the period ended 30 June, compared with losses of GBP4.9 million a year earlier, as administrative expenses increased to GBP11.1 million, from GBP5.2 million in 2012.
During the period, the firm integrated the Frontier Silicon businesses, which included the rationalisation of product plans, the integration of teams and systems, and the opening of a new software development centre in Romania.
Revenue increased to GBP8.2 million from GBP846,000 in 2012 due to the inclusion of Frontier Silicon. Had its prior-year results incorporated Frontier's operations, group revenue would have declined to GBP8.2 million from GBP10.1 million, Toumaz said.
"This was as a result of lower shipments, which is a direct result of the London Olympics where sales were atypically skewed into the first half of 2012 compared to a more usual second-half bias," Toumaz said.
Losses before interest, taxation, depreciation and amortisation narrowed to GBP5.6 million from GBP6.0 million in 2012.
Overall, Toumaz said trading was in line with expectations, while it is on track to see considerable growth in the financial metrics of the business during the next two years.
The stock was trading at 4.82 pence Monday, down 0.06p.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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