Mobile Tornado cuts losses

The Harrogate-based firm​ said growth in recurring revenues reflects increased momentum across all the group’s Mobile Network Operator customers.

​The group said it has signed a new commercial contract with an independent communications service provider in Israel and will launch commercial services in the second half of 2015.

​It has also completed installations for Tier 1 customers in Colombia and Ecuador and commercial launches are scheduled for the second half of 2015.

The group made an underlying loss of £630,000, down from £1.05m.

Mobile Tornado’s CEO ​Jeremy Fenn said: “The business has made solid progress during the first half of the year with an impressive 55 per cent growth in recurring revenues from licenses on the prior year.

“Whilst we will continue to work closely with our Tier 1 mobile network customers, we currently expect that recurring revenues in the second half will be at a similar level to that of the first half.

“With certain installation and professional services contracts successfully executed in the first half, the group continues to work hard to convert multiple additional non-recurring contracts in the second half. As ever, the precise timing of such contracts remains inherently difficult to predict, but the board remains hopeful that they will be converted by the year end.

“We have an excellent customer base of Tier 1 mobile operators, and are now being presented with numerous opportunities to work directly with major corporates and government bodies, where we can supply a dedicated communication platform.”