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Zamano

  • BY: Andrew Hore |
  • POSTED: 08/03/2010 |

Mobile services and content provider Zamano reported a sharp drop in revenues in 2009 but profits have held up relatively well.

Revenues slumped from €41.4m to €25.1m. Stripping out impairment charges and amortisation, underlying profits declined from €4m to €3.5m.

Zamano’s strategy is to focus on a limited number of niche mobile applications. There are plans to launch apps this year, including Somebody To Love, which is based on a proposed TV programme.

Revenues should start to recover this year although the UK may continue to decline in the short-term. House broker Cenkos forecasts a strong recovery in reported profit because of a much lower amortisation charge. However, underlying profits are expected to decline to €3.2m. That still puts the shares on around six times prospective earnings for 2010.

Net debt has been cut by two-thirds to €2.25m at the end of 2009. Last year’s €2.5m share placing helped. Zamano should be cash positive during 2011.

At 14.5p a share, Zamano is valued at £13.8m. 

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