Zamano hopeful of strong end to year

IRISH mobile phone content company Zamano is hopeful of a strong end to the year, leading to growth in 2011, despite lurching into the red in the first six months of 2010.

The company posted a pre-tax loss of €6.32 million for the six months to the end of June, a figure which compared unfavourably to the €607,000 pre-tax profit for the same period last year.

An operating loss of just over €6m was down from a first-half operating profit of €949,000 last year. Group revenue, meanwhile, fell from €13.3m to €8.75m.

The main cause for the reversals was a €6.5m once-off impairment charge relating to goodwill associated with acquisitions the company made in 2007.

On a more positive note, the first half of this year saw Zamano complete its restructuring programme, which has removed considerable cost from the business and improved efficiencies.

In addition, the company’s gross debt fell from €11.8m to €5.7m during the period and strong year-on-year revenue growth was evident in its operations in both Spain and the US.

Also, trading in the third quarter of the year has been positive and the company has identified new opportunities.

Chief executive John O’Shea said that the market in which Zamano trades has continued to present challenges, while chairman Mike Watson said: “We are conscious of ongoing challenges within the business and realise that there are still some months of effort before a more defined and robust picture of the company’s long-term prospects become clearer.”

Management added that the company is vigorously pursuing opportunities with third party owners of digital content, which wish to take advantage of improvements in digital marketing techniques and in delivery to mobile users – adding that it hopes to develop these opportunities into new streams of revenues “which are more sustainable and predictable”.


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