zamano plc (AIM:ZMNO, ESM:ZAZ), a leading European provider of interactive applications and services to mobile devices, today announced its Interim Results for the six month period ended 30 June 2016.
Highlights
- Sales increased by 80.2% to €18.748M compared to €10.404M in H1 2015.
- zamano continued to improve its balance sheet position, with cash of €7.430M at 30 June 2016 representing an increase of 36.7% on the 30 June 2015 figure of €5.435M.
- Gross profit decreased by 9.7% to €2.331M compared to €2.582M in H1 2015.
- Adjusted EBITDA decreased by 13.1% to €1.196M compared to €1.377M in H1 2015.
- Profit before tax decreased by 30.7% to €0.794M compared to €1.146M in H1 2015, while profit after tax at €0.675M decreased by 33.8% compared to €1.019M in H1 of 2015.
Colin Tucker, Acting Chairman of zamano commented: “While the overall trading outcome for the business was somewhat mixed during H1 2016, we can report a significant increase in both sales performance and cash generation. This was offset by falling margins due to increased investment in advertising, a changing sales mix in the UK and some foreign exchange headwinds. We anticipate an improvement in operating performance during H2 2016 thanks to H1 advertising spend and continuing strong UK sales performance. The 36% jump in our net cash position is very welcome as it provides us with a solid platform to implement our acquisition strategy”.
“With an active focus on M & A activity, we believe that zamano can achieve one of its core strategic objectives by pursuing higher value added business which we expect would open avenues for growth in the coming twelve months. Our ambition to achieve this strategic repositioning will run in tandem with adapting and optimising our existing business lines. In addition, we will continue to focus on delivering strategic acquisitions and we hope to make significant progress in this regard during the second half of the current financial year”.