29th Jan 2015 10:37
LONDON (Alliance News) - Toumaz Ltd on Thursday said its 2014 revenue rose on the back of digital audio sales and a jump in healthcare revenue, though it still expects a loss for the year.
The company, which makes low-power wireless semiconductor technology, said its revenue for the year to December 31 rose 20% to GB26.2 million from GBP21.9 million last year. Digital audio revenue rose 16% to GBP25.5 million, while healthcare revenue rose to GBP750,000, a huge rise on the GBP60,000 posted last year.
But the group said it expects to post an earnings before interest, taxation, depreciation and amortisation loss of GBP9.8 million for the year, against a GBP9.6 million loss last year.
Research and development spending rose to GBP11.8 million in the year, from GBP9.8 million last year, but the group said it expects the current cycle of major investment in its digital audio business to complete in the first quarter of 2015, after which it expects to generate significant cash flows.
Toumaz shares were trading up 3.2% on Thursday at 4.39 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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