Mobile services provider Zamano has returned to full-year profit while eliminating all of its outstanding debt.
The Dublin-headquartered company, which provides mobile messaging, advertising, and payments support tools, has reported pre-tax profits of €3.56m for 2012. This compared to a pre-tax loss of €585,000 in 2011.
The IEX- and AIM-listed company also eliminated its net debt, closing 2012 in a net cash position of €138,000 versus net debt of €4.38m at the end of 2011.
Revenues of just over €19.2m were generated, up by 28% on the €15m generated in the previous year. Operating profit came in at just under €2.05m against a loss of €328,000 in 2011, and EBITDA rose from €351,000 to €2.5m.
Zamano chairman John Rockett said the group, which had been identifying 2012 as a potentially financially transformational year, performed “strongly” last year, adding that the outcome puts the business in its strongest financial position “for a number of years”.
“This outcome is as a result of the significant work undertaken since the second half of 2011 to stabilise and reposition the business,” said Mr Rockett. “The board’s focus, throughout 2013 and beyond, will be to seek to broaden the group’s product-market base.”
Chief executive Pat Landy said growth of mobile usage and smartphone ownership will see Zamano focus on expanding its web and mobile offering to emerging markets in eastern Europe, the Americas, and Asia.
Zamano’s main markets are Ireland and Britain but, having pulled out of the Australian market, it has been trying to revive its US operations through new market offerings.
Mr Landy said: “The group will also explore ways to increase the depth of its product portfolio, via joint ventures and licensing arrangements.”
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