REG - Mobile Tornado Group - Full year trading update

Mobile TornadoAnnouncement

24/01/2024 07:00

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RNS Number : 6723A  Mobile Tornado Group PLC  24 January 2024

This announcement contains Inside Information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018). Upon the publication of this
announcement this Inside Information is now considered to be within the public
domain.

 

 

 

24 January 2024

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

 

Full Year Trading Update

 

Mobile Tornado (AIM: MBT), a leading provider of mission critical mobile
solutions to the enterprise market, announces a trading update ahead of the
publication of its audited results for the year ended 31 December 2023, which
are expected to be announced in April 2024.

 

Subject to completion of the audit, revenues for the six months to 31 December
2023 were approximately £1.04m with an approximate EBITDA loss of £0.12m. As
a result, based on unaudited management accounts and subject to audit, full
year revenues for 2023 are expected to be approximately £2.25m with an
EBITDA* loss of approximately £0.26m.

 

The Directors are pleased to report that the Group's recurring revenues
remained stable at approximately £1.96m (2022: £2.03m). Non-recurring
revenues were approximately £0.29m compared to £0.22m in 2022. The Company's
operating expenses remained stable at £2.41m in 2023 compared to £2.46m in
2022.

 

As detailed in the interim results announced on 28 September 2023, the Company
has continued to strengthen its business development activities, building
relationships with new partners across its key markets. For example, the
Company recently executed an agreement to participate in the Ericsson Software
Enterprise Partner Program, delivering value by enabling industrial customers
to improve business critical communications and improve safety, reduce costs
and boost productivity. A reseller agreement was also signed with The Barcode
Warehouse, the UK's leading specialist provider of barcode technology, RFID
(radio frequency identification), labelling and enterprise mobility solutions.
The agreement will allow the Company's push-to-talk over cellular ("PTToC")
platform, and workforce management technologies, to be made available to a
wide range of sectors including education, healthcare, logistics,
manufacturing, retail and utilities.

 

The Board are committed to continued investment in business development
activities and remain confident that these initiatives, commenced in early
2023, will drive increased partner activity across all key markets as the new
financial year progresses. A further update will be provided when the Company
reports its full year results in April 2024.

 

*EBITDA refers to earnings before interest, tax, depreciation, amortisation
and exchange rate gains or losses

 

Enquiries:

 

 Mobile Tornado Group plc                                   +44 (0)7734 475 888
 Jeremy Fenn, Chairman and acting CEO                       www.mobiletornado.com (http://www.mobiletornado.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)       +44 (0)20 3328 5656
 James Reeve / Piers Shimwell (Corporate Finance)

 David Johnson (Sales and Corporate Broking)

 

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