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  • BY: Andrew Hore |
  • POSTED: 03/02/2015 |

Proxama says that its 2014 revenues were flat and it made a higher loss.

Revenues were around £800,000 while the EBITDA loss jumped from £3.1m to £5.6m. On 24 September, Peel Hunt forecast 2014 revenues of £1m but an EBITDA loss of £6m.

Proxama is a near field communication m-commerce company that enables contactless payments through an NFC mobile phone. Management says that there are many customers planning to use the technology in 2015. The payments division acquired Aconite Technology in December and the combination will yield cost savings of at least £1.5m. There are plans to enter at least two new geographic markets.

The proximity marketing division will continue to find new partners.

Management expects Proxama to continue to lose money in 2015 but the payments and marketing divisions should each move into profit before the end of the year.

Proxama reversed into cash shell Longships in an all share deal that, at 4p a share, valued the business at £20m.

Last November £4m was raised at 2.5p a share. There was cash of £5.5m at the end of 2014. At 1.93p a share, Proxama is valued at £19.7m.

Last month, Elderstreet VCT belatedly revealed that it had acquired a 3.12% stake in December.

The 2014 figures will be announced in May.

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