MobilityOne swings to loss

Electronic payments group MobilityOne swung into a full-year loss and said it expects 2009 to continue to be a challenging year.The group reported a loss before tax of £916,047 in the year ended 31 December compared with a profit of 765,257 the previous year. Revenues dropped by 24.7% to £12.5m in the same period."In 2008, the performance of the group has been badly affected by the global economy slowdown and some of the projects and expansion plans have been delayed," said chief executive Dato'Hussian A. Rahman."Although 2009 expects to be equally challenging, the group will continue to invest in R&D and introduce new revenue streams for its future growth."