Mobile devices services supplier zamano PLC (LON:ZMNO) is looking at bolt-on acquisitions, as it seeks to reposition the business into higher value-added, growth-orientated activities.
The company revealed in a statement issued ahead of today’s annual general meeting that an independent strategic review of the business had resulted in a recommendation that the group should focus on acquiring businesses in the mobile advertising, social and billing areas.
The strategic review identified a small number of potential acquisitions in these three sectors which zamano is currently evaluating.
Edmond Murphy, who led the team that performed the review, has accepted an invitation to join the board of zamano as a non-executive director.
“His extensive experience in payments, social media and advertising will be of considerable benefit to zamano as we actively pursue the re-positioning of the business," said Colin Tucker, chairman of zamano.
As for current trading, it was a bit of a mixed bag, with zamano revealing that the significant increase in sales, driven by a strong performance in its UK business, reported when its full-year results were released in March has continued since then; however, overall group contribution margins were lower as a result of increased advertising spend and the changing profile of the UK business.