Zamano boosts cash pile to €7.4m
Irish-listed mobile tech company Zamano had €7.4m in cash at the end of June as the firm prepares to ramp up its acquisition programme.
Zamano will look to acquire businesses in the mobile advertising, social, and billing areas, after being encouraged to go out and spend in a strategic review in June.
It is understood the company could move for as many as two different bolt-on acquisitions by the end of October.
Elsewhere sales at the company increased by 80.2pc in the first six months of the year to €18.74m. However, gross profit slipped to €2.33m, down 9.7pc.
The fall-off in profits is down to a mix of the company operating in lower-yield markets and spending big on advertising and marketing during the period. The firm expects this to lead to far better earnings in the second half of the year.
Zamano acting chairman Colin Tucker said trading at the company was "somewhat mixed" during the first six months of 2016.
"Our ambition to achieve this strategic repositioning will run in tandem with adapting and optimising our existing business lines," he said.
"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."
Sales in the Irish market were hit by a near 30pc decline, down to €1.18m. Zamano blamed the drop on a change in its Irish product mix with a number of offerings being discontinued. It said overall market conditions remained challenging.