Mobile Tornado Group Reports Narrowed Pretax Loss and Increased Revenue
Mobile Tornado Group reports decreased pretax loss and increased revenue, showcasing improved financial performance. The company's positive outlook for future growth is attributed to improved operational efficiency and building a wider partner networ...
Troy D. Hanson
September 28, 2023
Mobile Tornado Group, a U.K. based instant-communication services provider, announced that its pretax loss for the first half of the year has decreased. Despite a challenging economic environment, the company experienced a 14% increase in revenue.
Improved Financial Performance
In the half-year, Mobile Tornado Group's pretax loss decreased to £527,000 ($639,515) from a loss of £763,000 in the same period last year. This positive change was primarily attributed to a foreign-exchange gain of £101,000. In contrast, the company had suffered a loss of £148,000 in the previous year.
Mobile Tornado Group saw a significant rise in revenue, reaching £1.3 million compared to the previous year's £1.1 million. The company experienced a 3% increase in recurring revenue, amounting to £960,000. Additionally, non-recurring revenue surged by 70%, reaching £290,000, due to the Leeds Bradford airport contract secured in April.
Improved Operational Efficiency
The adjusted loss before interest, taxes, depreciation, and amortization tightened to £155,000 from £209,000. This improved operational efficiency demonstrates the company's dedication to enhancing its financial performance.
Positive Outlook for Mobile Tornado Group
Jeremy Fenn, Chairman and Acting Chief Executive of Mobile Tornado Group, expressed confidence in the company's future growth. Fenn stated, "We are building a much wider partner network and are confident that the developing sales pipeline will convert into new customers in due course."