Mobile Tornado has initiated a share placement to raise £425k, aiming to consolidate research efforts and boost business growth.
- The Harrogate-based company is issuing new shares at 2 pence each, representing 5.1% of the company, for strategic initiatives.
- Funds will support the expansion into the APAC region with a new business development manager in Taiwan.
- Revenue reports show a 16% decrease, with losses reaching £600,000 compared to previous figures.
- Chairman Jeremy Fenn expresses optimism about ongoing expansion activities in South America, Africa, and the Middle East.
Mobile Tornado Group, a Harrogate-based specialist in push-to-talk communication solutions, has embarked on a financial initiative to raise approximately £425,000 through a share placement. The newly issued shares, priced modestly at 2 pence apiece, now cover about 5.1% of the overall company shares. The primary goal of this financial undertaking is to support the consolidation of the company’s research and development centres.
Beyond consolidating its development centres, the firm is keen on accelerating its business development functions, notably launching its proposition in the Asia-Pacific (APAC) region. This bold step will be spearheaded by an experienced business development manager based in Taiwan, marking Mobile Tornado’s inaugural dedicated presence in this strategic territory.
Recent financial disclosures reveal a notable shrink in revenue, dropping by 16% to £1.06 million during the first half of 2024, alongside a pre-tax loss of £600,000—deepening from £530,000 in the same timeframe the prior year. Despite these figures, Jeremy Fenn, the company’s chairman and acting CEO, remains upbeat, highlighting continued expansion in sales operations and ongoing discussions with potential partners and clients in key markets such as South America, Africa, and the Middle East.
Fenn underscores the significance of the funding in not only propelling business development initiatives but also in consolidating research efforts. This strategic realignment is expected to conclude by the year-end, promising substantial operational cost savings while upholding service quality for an expanding partner and customer demographic.
The strategic share placement by Mobile Tornado is set to bolster its business and development initiatives despite recent financial challenges.
