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Mobile Tornado

  • BY: Andrew Hore |
  • POSTED: 16/04/2015 |

Instant mobile communications platform developer Mobile Tornado is raising £1.35m at 6p a share. 

The cash will help with existing roll-outs, widening the customer base and product development. North and South America are expected to be the main markets.

The loss increased from £2.4m to £3.2m in 2014. Overall revenues slumped from £2.7m to £1.7m but recurring revenues grew by 45% to £1.2m so they have grown in importance.  The main decline in revenues was from hardware and third party sales.

One year ago Investec forecast a profit for 2015 but the latest forecast is for a loss of £1m. The improvement is a combination of cost-cutting and a recovery in revenues. Breakeven is forecast for 2016 and a profit of £900,000 in 2017.

Even with the latest fundraising, net debt is expected to reach £7m.

The share price rose 0.25p to 4.5p. That could be equivalent to eight times earnings if the 2017 forecast is achieved.

AIM Journal March 2015 available.

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