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Synchronica
- BY: Andrew Hore |
- POSTED: 18/07/2010 |
- COMMENTS: Add yours
Mobile email and instant messaging technology provider Synchronica continues to make progress but it is running short of cash.
The interim figures show strong growth in revenues but Synchronica still needs even faster growth in the second half. That depends on new deals and the rate of take-up of services that are up and running.
Revenues grew from £1.33m to £3.43m in the six months to June 2010. The loss was reduced from £2.49m to £1.34m.
There was a cash outflow of £2.23m from operations in the six month period. On top of that, there was capitalised development spending of £1.5m. The majority relates to the purchase of Colibria earlier this year. Roughly £600,000 was for internal development and the spending continues at that rate.
There was £781,000 left in the bank at the end of June 2010. Debtors jumped from £1.66m to £4.52m although around £500,000 has been paid since then.
Management says that it does not need to raise more cash unless it is to finance a deal. However, this is likely to depend on how quickly the debtors are paid and how rapidly revenues grow. Most of the June debtors are expected to be paid by the end of 2010.
At 1.75p a share, Synchronica is valued at £14.7m.
Download the July edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2010_10.pdf
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