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Synchronica doubles revenue in first nine months of 2010

Last updated: 14:04 22 Nov 2010 GMT, First published: 15:04 22 Nov 2010 GMT

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Synchronica (LON:SYNC, TSX-V:SYN) has more than doubled revenues in the first nine months of the financial year.

This morning the company revealed it generated US$5.75 million in the nine months ended 30 September 2010, compared to US$2.64 million in the comparative period of 2009. Gross profits increased significantly, with a 94.69 percent improvement to US$5.44 million. 

The growth helped cut the earnings (EBITDA) shortfall which improved by 25 percent, with a US$ 3.23 million loss.

Synchronica has achieved this growth both organically and through acquisition. It has signed up many new operators and its have launched its products in many new territories.

“We have expanded our customer base to almost one billion, enabling us to target a much larger addressable market with our products,” chief executive Carsten Brinkschulte said.  

Brinkschulte highlighted that the Colibria acquisition, which completed in October, added new product and technology to the business. These new services are expected to help Synchronica’s partners reduce the high level of churn seen in its target markets.

The company also acquired iseemedia in the fourth quarter, adding new technology for streaming documents and Email attachments to wireless devices.

He added: “With these additional services in place and a dramatically expanded addressable market, Synchronica can now be regarded to be the market leader for next-generation mobile messaging services in emerging economies,

“Next, we will focus on accelerating the take-up rate in our addressable market and, as a result, building recurring revenues leading to improved and sustainable financial results."

Northland Capital - formerly Astaire Securities - analyst David Johnson highlighted Sychronica’s strong growth as well as the contribution from Colibria.

Although the analyst believes Synchronica still needs to secure further licensing deals to strengthen to strengthen its balance sheet.

“Synchronica has been successful in securing large numbers of operators and uptake looks good,” Johnson said.

 

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