LONDON (Alliance News) - MobilityOne Ltd said Friday it swung to an annual loss despite reporting an increase in revenue.
For 2017, the company posted pretax loss of GBP613,238 from a GBP381,165 profit in 2016 as it increased administrative expenses and operating expenses.
Revenue increased 38% to GBP85.1 million from GBP61.7 million year-on-year, mainly driven by the growth of the group's e-payment business in mobile phone prepaid airtime reload and bill payments.
The company said its result depend on the level of demand for its products and services which in the "uncertain economic environment may cause some business to curtail or eliminate spending on payment technology".
MobilityOne shares closed down 2.0% at 5.00 pence each.
Mobilityone (MBO)