Zamano profits up 57pc

26 Mar 2007

Irish mobile software company Zamano today reported profits of almost €2m on revenues of €13.3m for the 2006 financial year.

Last year saw the Dublin company float on both the London AIM and subsequently the Dublin IEX Stock Exchange.

In what has been the company’s fourth year of successive growth, Zamano’s profit after tax increased 57pc to €1.97m, which the company said reflected efficiency improvements and traffic growth following key product investments.

Revenues increased 38pc to €13.3m from €9.6m last year, while the company reported earnings per share of 3.8c, up 56pc on last year.

Zamano operates a hybrid business model within the mobile data services market space. The business-to-business (B2B) business units serve business customers and brands wishing to interact and sell mobile services to mobile phone users. The business-to-consumer (B2C) business unit operates a brand, Mobile X, and sells directly to phone owners.

“Our continued investment in our platform and application suite has led to significant efficiency improvements and facilitated further traffic growth, thereby delivering the 53pc EBITDA [earnings before interest, taxes, depreciation, amortisation] increment on 2005,” said Zamano founder and managing director John O’Shea.

Having raised €4.9m after costs in the AIM flotation last October, Zamano’s cash balance increased to €7.5m by year’s end. Net cash inflow from operating activities amounted to €2.3m and after completing payments for the acquisition of a subsidiary called Enabletel, the overall increase in cash amounted to over €6.8m.

By John Kennedy