Zamano looks to UK for growth as sales top €10m
Irish mobile commerce firm Zamano is looking for the UK to drive its continued growth as the company's sales topped €10m last year.
The company's technology is used as a conduit by e-commerce providers to their customers. It has agreements with some of the largest companies in the Irish mobile market, including Three and Vodafone.
Revenue at the business was €10.4m in the six months to the end of June, up almost 20pc on the corresponding period in 2014.
Strong growth was recorded in the company's UK market, where turnover rose by 29pc from €6.4m to €8.3m. However the Dublin-based firm did not fare as well in its home country where sales dropped from by about €100,000 to about €1.66m, although the decline was less than the near 20pc fall in sales recorded in the first half of 2014.
In its interim results the company said that its Irish business "continues to be impacted by ongoing changes in compliance requirements."
"Consequently, while Ireland remains an important market for Zamano, overall market conditions remain challenging."
Speaking to the Irish Independent, chief executive Ross Conlon said that the firm will now focus on the UK
"The UK is a bigger market, it makes sense for us to move into there. Particularly with the way sterling is now, there is significantly more profit in it."
Zamano has recently said that it is considering acquisitions, and Mr Conlon confirmed that the UK would be the most likely market it would be looking at. Including its bank loan facility the firm has €5.2m worth of cash available. It said in its interim statement that this gives a "war chest" with which to pursue "product [or] market development, technology acquisition and M&A activities."
At the start of last month the company received a preliminary takeover offer worth 20 cent per share.
In the interim update the firm said that there "continues to be no certainty that any offer will be made nor as to the terms of any offer."