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LONDON (Alliance News) - MobilityOne Ltd Monday said its pretax loss widened dramatically in 2013 despite strong revenue growth, due to write-downs and goodwill impairments it booked during the year.
The company's stock closed 33% lower Monday at 1.50 pence, though the company released its 2013 results after the market close.
The e-commerce infrastructure payment solutions and platform provider posted a pretax loss of GBP1.7 million in 2013, compared with a GBP50,337 loss in 2012. MobilityOne said its losses widened due to a write down in value of some of its assets, including the impairment of goodwill and intangibles.
Revenue rose 18% to GBP51.1 million from GBP43.2 million in 2012. It said growth was driven by its existing mobile phone prepaid airtime reload business.
Going forward, the company said it expects an improved trading performance in 2014 on the back of increased revenue from the prepaid airtime reload business, and said it is currently exploring other business areas to diversify its revenue stream.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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