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Coms

  • BY: Andrew Hore |
  • POSTED: 13/05/2013 |

Internet telephony services provider Coms has substantially reduced its loss in the first quarter of the current financial year.

In the year to January 2013, Coms made an operating loss before depreciation of £850,000 on revenues from continuing operations of £1.6m. In the three months to April, the loss was £59,000 on revenues of £570,000. Costs have been reduced and the latest figures do not include any significant benefits from recent contracts.

At the end of April, Coms announced a deal with an unnamed company that is worth £15m over 24 months. This dwarfs the current level of revenues. The installation of several thousand lines has already started so it will make a contribution in the six months to July 2013. There is a pipeline of potential sales worth £7m a year and Coms has started to target the government market. 

Costs will have to increase as Coms recruits additional staff in order to satisfy the requirements of the enlarged business, including a potential call centre.

Coms has also made acquisitions. Cloud based mail and hosting business ADSL24 has been bought for a total consideration of £800,000 and its chief executive has bought £50,000 of Coms shares at 1.8p each. Coms has also acquired the corporate database of World Telecom and licenced AskMerlin telecoms software, which will be used as an integration tool, for an initial six month period. Coms chief executive David Brieth owns the company that has licenced the software. Further acquisitions are on the cards.

Coms is seeking two new non-executive directors.

The share price dipped 0.35p to 2.23p, which values Coms at £8.57m. The share price has still trebled over the past month.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf

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