News blog

Zamano

  • BY: Andrew Hore |
  • POSTED: 21/10/2011 |

John O’Shea has resigned as chief executive of mobile services and content provider Zamano and non-executive director Pat Landy will take executive control while a replacement is found.

Foresight VCT 5 and Acuity VCT 3 each sold 3.125m shares on 18 October and they no longer hold any shares.

O’Shea will be leaving on 18 November and executive Margaret O’Connor and finance director Michael Connolly will have operational control.

Revenues have been in decline and at the interim stage they fell from €8.75m to €6.24m but there was an improvement in the third quarter as the benefits of investment and cost reduction start to show through.  The company has re-entered the mobile marketing sector and it has obtained certification for new connections to four US operators.

Although there was cash generated from operations in the six months to June 2011, net debt was €3.28m at the end of the period and Ireland-based Zamano remains short of cash so it has stopped investment in online advertising business Newsworthie. That business lost €287,000 in the first half but did not generate any revenues.

The shares were unchanged at 1.88p. Two years ago the share price was around 25p.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2011_25.pdf

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