MBT27 Sep 2012 10:05
Introduction
Mobile Tornado Group plc, the leading provider of instant communication mobile applications to the enterprise market, announces its unaudited results for the six month period to 30 June 2012.
Financial Results
Turnover in the six month period to 30 June 2012 amounted to £1,004,000 (30 June 2011: £885,000). Group operating loss reduced to £458,000 (30 June 2011: £499,000 loss). After finance costs of £221,000 (30 June 2011: £189,000) and a tax credit of £101,000 (30 June 2011: £122,000) the net loss for the period was £578,000 (30 June 2011: £566,000). The net cash outflow from operating activities was £469,000 (30 June 2011: £172,000).
The Group consolidated balance sheet shows net liabilities at 30 June 2012 of £9,530,000 compared to net liabilities of £10,823,000 at 30 June 2011. Cash at bank was £21,000 at 30 June 2012 compared to £14,000 at 30 June 2011. During the period the Group received loans from InTechnology plc of £667,000 (30 June 2011: £140,000). The Directors believe that the Group has sufficient working capital for the foreseeable future given its contracted revenue, anticipated contracts and continued support from its principal shareholder, InTechnology plc.