Highlights:
- Revenue of €15.0M (€15.8M in 2010), overall revenue growth of 41% in H2 over H1 and Revenue growth of 61% achieved in the UK.
- EBITDA (after add-back of once off and exceptional charges – see note 5) increased from €0.9M to €1.3M.
- Gross margin fell 4% to 25% as a result of increased advertising spend in H2. Subscribers acquired are not capitalised, with advertising written off as incurred.
- Banking re-negotiation completed, reducing 2012 capital repayments by €0.8M and re-aligning covenants with trading performance.
- Administration costs (after adjustment for once off and exceptional charges) reduced by 34% year on year.
Chairman John Rockett commented; “In the early part of 2011, significant cost reductions were achieved as a result of the implementation of a staff reduction programme. In tandem with this, new growth opportunities in the area of web and mobile marketing were pursued which have largely been responsible for the overall revenue and EBITDA growth recorded in the final quarter of 2011”.
zamano’s Acting CEO Pat Landy added; “2011 has been a year of exceptional change and development for zamano. During the last quarter, the Company launched a web and mobile service in the UK which has proved highly successful and has led to increased subscriber acquisition rates. zamano is continuing to leverage its resources behind this service and is seeking to launch in multiple territories ”