Shares in communication software firm Mobile Tornado Group Plc (AIM:MBT) fell over 18% in early trading as it reported lower revenue, profit and higher net debt for the year to December 2022.
Total revenue fell 12% to £2.3mln, while profit was 10% lower at £2.2mln, the group reported, confirming it was yet to reach its goal of penning deals with public sector organisations in south and central America despite “successful” trials.
“We believe […] momentum can be accelerated significantly if we can successfully deploy our solution into a public safety organisation,” chairman Jeremy Fenn said, which would represent a “significant commercial breakthrough”.
0.36p losses per share and pre-tax losses of £1.4mln, from £0.6mln in 2021 meant investors were not convinced however, prompting shares to fall 18.2% to 1.56p.