Mobile email services supplier AxisMobile has enough new business to keep it busy for the rest of the year but second half revenues will be lower than expected.
AxisMobile has won additional work in Russia and the Ukraine but this has yet to show through in the figures. Revenues increased from $321,000 to $433,000 in the six months to June 2007. Thanks to lower overheads the operating loss fell from $5.76m to $4.58m.
Although AxisMobile plans to complete work for new customers in the fourth quarter the revenue is not recognised until the customer finally accepts the system. This means that most of the revenues won’t show through until the first half of 2008.
AxisMobile has cash of $2.42m but it also has borrowings of $1.87m. The company raised cash earlier this year but it will have to be careful with its cash resources.
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