Mobile Tornado (GB:MBT) has released an update.
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Mobile Tornado Group PLC, a provider of enterprise mobile resource management solutions, reported a slight decrease in total revenue for 2023, down 1% to £2.27m, with a notable 34% increase in non-recurring revenues and a reduced operating loss from £0.72m to £0.29m. The company’s strategy to expand its market presence has led to new partnerships and an equity fundraise of £500k, aiming to drive future sales growth despite a net debt of £10.67m. No dividends will be distributed as the company plans to reinvest earnings to fuel growth, showing promise with a lowered loss after tax and a focus on increasing recurring revenue streams.
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