Proxama forecasts full-year loss

Proxama, an AIM-listed provider of mobile commerce, loyalty and payment software solutions, declined sharply on Thursday after predicting a full-year loss for 2013. For the 12 month period, losses (before interest, tax, depreciation and amortisation) were expected to total £3.6m on revenue of around £0.83m. "Management believes the adoption of mobile commerce, loyalty and payments will accelerate throughout 2014, allowing for rapid revenue growth in 2015 as our customers move from pilot based projects to full commercial release and revenue streams increasingly shift from 'fee for service' to 'event based' revenues," a statement from the company read. It said it had made progress with its strategy of building out relationships with key infrastructure owners in media, and wallet providers in both the US and Europe. It also revealed it had seen "strong" interest from banking prospects. Proxama completed a fundraising of £8.6m in January and planned to expand its UK and international sales operations, it added. The share price sank 18.81% to 4.10p by 11:50 on Thursday.NR