Shares in mobile commerce transactions software provider MoPowered Group have slumped on the back of warnings about delayed revenues.
The share priced more than halved from 61.5p to 29.75p, which values MoPowered at £4.73m. There was £2.78m in the bank at the end of 2013 but this will have reduced since then.
Revenues in the first half of 2014 will be more than £750,000, which is 60% higher than the second half of 2013 but lower than expected. The strong first quarter as followed by a quarter where expected larger deals were not completed. It has proved difficult to attract smaller customers cost-effectively. All this means that recurring revenues will not grow as quickly as expected in 2014 or next year.
A 2014 loss of £2.66m had been forecast and then a small profit in 2015. It is likely to take longer to move into profit.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.