Mobile data services provider Zamano saw revenues fall by 39 per cent in 2009 to €25.1 million from €41.4 million a year earlier.
The company attributed the decline in revenues on a transition to higher margins, lower volume revenue, and a shift away from advertising services on print and TV to advertising on mobile devices.
The UK market contributed to 80 per cent of the decline in revenue with the balance in Ireland and Australia. However, profitably grew revenue organically in the US, Spain and South Africa, which, together contributed 18 per cent of total revenue as against 9 per cent a year earlier.
During 2009, Zamano returned to profitability with a profit after tax of €1.1 million compared to a loss of €3.8 million a year earlier.
Gross profit for the year amounted to €8.4 million as against €11.4 million in 2008. Cost of sales declined from €29.9 million to 16.6 million over the year in question.
Earnings Before Interest, Tax, Depreciation and Amortisation (Ebitda) declined by 14 per cent to €4.3 million as against €5 million in 2008 while Ebitda margin increased to 17 per cent from 12 per cent over the year.
Gross debt at year end was €9.2 million compared to €12.9 million in the preceding 12 months while net cash was €7 million as against €5.7 million in 2008.
Net debt at year end was €2.2 million a reduction of 69 per cent from €7.2 million while cash generated from operations totalled €4.6 million
