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Massive recurring revenue boost for Synchronica

By BFN News | 09:04 AM | Thursday 24 November, 2011

Synchronica, the next-generation mobile messaging services, has announced US$7.0 million revenue for the third quarter, a 900% improvement from the same period 2010 (Q3'10: US$0.7 million). The company also reported a 1098% growth in recurring revenue between Q3 '10 and Q3 '11, with 48% of recurring revenue now delivered as Software as a Service There were increases in overall cost base as expected as a result of the Nokia OBM acquisition The company expects aggressive cost cutting programme in place will result in expected savings of US$12 million per annum The board insists it is focused on delivering profitability and shareholder value as a matter of absolute priority. Synchronica is focused on resolving delayed payments from handset manufacturers by completing the development of the third party operating code "We are pleased with our results this quarter which reflect the full contribution of our recently acquired Operator Branded Messaging business," said Angus Dent, CEO. "A significantly larger portion of our revenue is now recurring which, along with our cost control program, moves us closer to a cash positive position in future quarters." At 9:04am: (LON:SYNC) share price was +0.13p at 6.25p Story provided by

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