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  • BY: Andrew Hore |
  • POSTED: 29/08/2008 |

Adwalker is growing its revenues but not fast enough to make much of a dent in its loss.

Revenues grew 11% to €1.77m in the year to February 2008. Cost savings and higher gross margins from leasing the company’s wearable screens helped reduce the loss from €3.19m to €2.43m. Adwalker had net cash of €118,000 at the end of February.

Adwalker is trading within its banking facilities but it needs to significantly increase revenues or it will have to consider another fund raising.

Bookings and commitments are nearly 14% higher in the six months to August 2008. Gross margins are also higher but this won’t be enough to break even.

Adwalker’s wearable screen systems can be used to promote and advertise products. A UK patent has been granted and lasts until September 2024.

At 0.5p a share, Adwalker is valued at £1.32m.

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