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  • BY: Andrew Hore |
  • POSTED: 31/08/2007 |

Adwalker more than doubled its turnover last year but it is still a long way away from profitability. 

Adwalker has developed wearable systems that can be used to promote and advertise products. They can be hired out to advertisers who can promote their products in shopping centres or other areas where there are a large amount of people moving through.

Turnover jumped from €628,000 to €1.6m in the year to February 2007 but the loss also edged up from €2.84m to €3.19m. Nearly all of the growth in turnover came in the first half. Turnover in the first six months of this financial year, which ends today (31 August 2007), is 64% higher.

The revenues come from advertising campaigns that are booked by clients such as Verizon, Heineken, Suzuki, Guinness, Castrol and Unilever. One of its latest campaigns is to sign up trialists for two music and DVD rental companies. This will have an effect on the second half revenues.

Adwalker raised £510,000 in May via a placing at 3p a share. If Adwalker doesn’t cut its cash outflow significantly this year that won’t last for long. 

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