Losses slashed at MobilityOne

Mobile payments platform developer MobilityOne slashed its losses on the back of strong growth in revenues in 2010, particularly in the fourth quarter.The Malaysia-focused company said its post-tax loss for 2010 is likely to be £0.2m compared to a loss of £0.9m in 2009. Revenue rose to £22.64m from £13.73m in 2009. Revenue growth was driven by pre-paid mobile phone airtime reloads purchased via mobile phones, as well as transactions via the internet and cash-points channels of several major Malaysian banks that the company has partnered with. The company said the Electronic Data Collection (EDC) terminals installed at Carrefour Malaysia's hypermarkets and express stores also made a higher contribution. Looking ahead, the company is confident of trends continuing to improve in 2011, especially in the light of recent agreements signed with Malaysian banks and credit card companies. The company's international remittance services should also chip in with a bigger contribution while the existing contract with Telekom Malaysia should become more lucrative.