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Synchronica in good shape after acquisitions

By BFN News | 07:56 AM | Tuesday 30 August, 2011


Synchronica plc the international provider of next-generation mobile messaging solutions, announces its interim and second quarter financial results for 2011 showing a 16% increase in revenue to $5.8 million from $5.0 million in H1 2010. The company also reported a 77% decrease in operating loss to ($379,000) from ($1.7 million) in H1 2010 Operational Highlights -H1 and Q2 2011 included the acquisition of instant messaging business of Neustar NGM Services, increasing customer base and addressable market Also the continued growth in Latin American presence from two expansion orders, territory-wide implementation of Mobile Gateway 6 and launch of Instant Messaging service in Am�rica M�vil subsidiary in Puerto Rico The launch of Synchronica-powered handset, for Wynncomm division of the Bright Telecom Group, targeted at India's youth market. The company also pointed to the acquisition of Nokia's Operator-Branded Messaging Business (OBM), adding 10 tier-1 mobile operator contracts in North America, a strong patent and intellectual property portfolio, a recurring revenue base and long-term contract with Nokia for development and support of the Nokia Messaging Service for Nokia's Series 40 and Symbian handsets "In the first half of this year we made significant progress both operationally and financially," said David Mason, Chairman. "With the Neustar acquisition we gained key customers in Europe and a strong base of recurring revenue - the Nokia OBM acquisition is expected to advance us even further with its leading North American Carrier customers and a revenue base that should be over 80 percent recurring. We have made great strides to becoming a global leader in mobile messaging with a software-as-a-service revenue stream." "Looking forward, we expect further advances during the second half of 2011 as we begin to realise revenue from the Nokia OBM. Management is confident that the Company will deliver in line with market expectations for the full year." Story provided by StockMarketWire.com

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