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Synchronica plc – Preliminary Financial Results for the year ended 31 December 2010

16 Mar

Synchronica plc – Preliminary Financial Results for the year ended 31 December 2010

by westbrook
in Uncategorised
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Synchronica plc the international provider of push email, instant messaging and social networking services, has recently issued its consolidated financial results for the year ended 31 December 2010.
 
2010 Highlights:

  • 85% increase in revenue from US $5.9 million in 2009 to US $10.9 million in 2010.
  • 45% increase in gross profits to US $10.4 million from US $5.7 million in 2009.
  • EBITDA loss decreased by 65% to US $0.8 million from US $2.9 million in 2009.
  • 83 mobile operators and eight device manufacturers in customer base, compared to 21 operators and one manufacturer at the end of 2009.
  • 1.3 billion users in the Company’s addressable market at the end of 2010, a more than fourfold increase over 300 million in 2009.
  • Completed the acquisition of iseemedia Inc. and the Instant Messaging business of Colibria AS.
  • Listed on TSX Venture Exchange.

4th Quarter 2010 Highlights:

  • 57% increase in revenue from US $3.3 million in Q4 2009 to US $5.2 million in Q4 2010.
  • EBITDA doubled to US $2.0 million in Q4 2010 from US $1.0 million in Q4 2009.
  • Four operator contracts signed for a total value of US $3.1 million, along with an expansion order worth US $975,000.
  • Initiated device certification program with major Latin American operator group, ensuring compatibility with Synchronica’s Instant Messaging service.

 
“2010 was a very important and successful year for us,” said Carsten Brinkschulte, CEO of Synchronica. “We accelerated customer acquisition with both mobile operators and device manufacturers which in turn drove record growth in our addressable market, expanded our global footprint and established our position as the leader in the mobile messaging market for emerging economies. At the same time, we added new technology to our flagship Mobile Gateway platform to increase functionality. As we move forward in 2011, these accomplishments will enable us to further build our customer base, focus on increasing usage across the networks and expand our target to the developed markets.“

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