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RNS Number : 6723A

Mobile Tornado Group PLC

24 January 2024

This announcement contains Inside Information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). Upon the publication of this announcement this Inside Information is now considered to be within the public domain.

24 January 2024

Mobile Tornado Group plc

("Mobile Tornado", the "Company" or the "Group")

Full Year Trading Update

Mobile Tornado (AIM: MBT), a leading provider of mission critical mobile solutions to the enterprise market, announces a trading update ahead of the publication of its audited results for the year ended 31 December 2023, which are expected to be announced in April 2024.

Subject to completion of the audit, revenues for the six months to 31 December 2023 were approximately GBP1.04m with an approximate EBITDA loss of GBP0.12m. As a result, based on unaudited management accounts and subject to audit, full year revenues for 2023 are expected to be approximately GBP2.25m with an EBITDA* loss of approximately GBP0.26m.

The Directors are pleased to report that the Group's recurring revenues remained stable at approximately GBP1.96m (2022: GBP2.03m). Non-recurring revenues were approximately GBP0.29m compared to GBP0.22m in 2022. The Company's operating expenses remained stable at GBP2.41m in 2023 compared to GBP2.46m in 2022.

As detailed in the interim results announced on 28 September 2023, the Company has continued to strengthen its business development activities, building relationships with new partners across its key markets. For example, the Company recently executed an agreement to participate in the Ericsson Software Enterprise Partner Program, delivering value by enabling industrial customers to improve business critical communications and improve safety, reduce costs and boost productivity. A reseller agreement was also signed with The Barcode Warehouse, the UK's leading specialist provider of barcode technology, RFID (radio frequency identification), labelling and enterprise mobility solutions. The agreement will allow the Company's push-to-talk over cellular ("PTToC") platform, and workforce management technologies, to be made available to a wide range of sectors including education, healthcare, logistics, manufacturing, retail and utilities.

The Board are committed to continued investment in business development activities and remain confident that these initiatives, commenced in early 2023, will drive increased partner activity across all key markets as the new financial year progresses. A further update will be provided when the Company reports its full year results in April 2024.

*EBITDA refers to earnings before interest, tax, depreciation, amortisation and exchange rate gains or losses

Enquiries:

 
 Mobile Tornado Group plc                   +44 (0)7734 475 888 
 Jeremy Fenn, Chairman and acting CEO       www.mobiletornado.com 
 Allenby Capital Limited (Nominated 
  Adviser & Broker)                         +44 (0)20 3328 5656 
 James Reeve / Piers Shimwell (Corporate 
  Finance) 
  David Johnson (Sales and Corporate 
  Broking)

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January 24, 2024 02:00 ET (07:00 GMT)

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