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Zamano's losses slashed in H1

Zamano's losses slashed in H1

Zamano's losses slashed in H1

Mobile phone services group Zamano has seen its pre-tax losses fall from €6.52m in the first half of 2010 to €530,000 in the first six months of this year.

The company’s revenues were also down from €8.75m to €6.24m over the same period.

John O’Shea, Zamano’s CEO, noted that the group, which consists of the Everneo, Zamano Solutions Ltd (ZSL) and Newsworthie, had completed a restructuring and repositioning earlier in the year, which had resulted in modest growth in the business in Q3 2011 compared against Q2 2011.

“We now intend to build upon this achievement, taking advantage of the technology platform and competitive advantages we possess in the mobile marketing space.

“As our investment capacity is limited, we intend focusing it entirely on opportunities related to our mobile expertise, and have suspended further investment in Newsworthie."   

O’Shea said revenues had dropped in the first quarter because of the decision to exit low margin business, in conjunction with a cost restructuring undertaken in January. “Stability in the topline was achieved in Q2 and modest growth recommenced in Q3 compared against the previous quarter,” he said.

Mike Watson, chairman of Zamano, said the group had come through “a prolonged period of decline and ongoing market challenges”.

“The board is encouraged by the continuing resilience of the business. There are still many challenges to be overcome, including the long-term financing of the group and ongoing changes within the mobile arena, but our confidence in the group's performance has improved considerably."

Article courtesy of Businessandleadership.com

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