22nd Mar 2016 11:35
LONDON (Alliance News) - Toumaz Ltd on Tuesday posted a wider pretax loss for 2015, after being hit with a GBP3.0 million impairment, but said it expects to be cash flow break-even by the middle of 2016.
The semiconductor technology company said its pretax loss was GBP16.4 million for the year ended December 31, widening from a loss of GBP13.5 million the previous year, on the back of an impairment booked on its audio products, as well as higher administration costs and share based payment costs.
This was not enough to offset the 22% increase in revenue to GBP32.0 million from GBP26.2 million, comprising of digital audio revenue of GBP31.7 million, up 24% from GBP25.5 million, and healthcare revenue of GBP750,000, more than double the GBP300,000 reported a year earlier.
Toumaz said the first two months of 2016 saw "a solid sales performance" from its digital audio division.
The group added it was "satisfied" with trading, with cash resources of GBP7.7 million at year end and a projected positive cash-flow position in mid-2016.
Shares in Toumaz were down 8.2% at 2.41 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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