Member Article

Harrogate mobile services firm reports losses despite 82% increase in revenue

Harrogate -based Mobile Tornado Group plc, a mobile application provider to the enterprise market, has announced that despite revenue being up 82% to £2.65 million (2012: £1.45 million) the firm has made a loss.

The adjusted EBITDA showed a loss of £1.82 million (2012: £1.36 million loss) and reported a loss after tax of £2.34 million (2012: £1.69 million loss) which the firm says reflects “planned investment in the staff base in anticipation of future growth.”

Jeremy Fenn, CEO of Mobile Tornado, said: “The year has seen strong revenue growth as Mobile Network Operators continue to look to create new revenue streams around additional services and applications.

“There is an increasing recognition among MNOs that Mobile Tornado’s Push to Talk (PTT) application suite is the leading communication tool for remote workforces.

“The period under review has also been characterised by a number of large installation projects and good progress on a number of continuing trials, which we expect to start generating recurring licence fee revenues in the near future.

“We have prepared the Company to deliver on further growth and remain confident that we will deliver significant shareholder value from our pipeline of opportunities.”

This was posted in Bdaily's Members' News section by Clare Burnett .