Zamano confident despite €13m loss

ZAMANO, the Dublin-headquartered mobile phone services provider, has reported a pre-tax loss of €13.3 million for 2010, but management has stated that stability has been returned to the business ahead of an expected overhaul of the company’s business model.

Overall revenue fell from €25.1m to €15.8m last year, mainly on the back of dwindling sales in the company’s core geographical markets of Ireland and Britain. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell from €4.3m to just €900,000.

“The company’s expectation is that the declines in the business have now come to an end and that we have a stable business which can achieve modest profits. To deliver growth, the company is focusing on new business opportunities which re-use our existing competencies,” said chief executive John O’Shea.