Zamano facing 'months of effort' after sharp decline in revenues
The chairman of listed mobile phone services group Zamano, Mike Watson, has predicted that the company faces "some months of effort" before a more "defined and robust picture of the company's long-term prospects become clearer".
Mr Watson made the comments yesterday as the firm posted sharp declines in revenues and earnings for the first six months of the year.
Revenue fell 35pc to €8.75m in the period, while earnings before interest, tax, depreciation and amortisation tumbled 59pc to €950,000.
Gross margin was unchanged at 32pc and the company reported 24pc growth in revenues from the US in the six-month period.
Zamano reduced its gross debt to €5.7m from €11.8m, while net debt stood at €1.4m at the end of June.
Chief executive John O'Shea said the market had continued to present challenges, and that management was "transitioning" the business accordingly with a significant restructuring programme during the first half of the year.
"Initial indications in quarter three are positive, with stability achieved and new opportunities identified which may lead to growth in the next year," he said.