Zamano plans to double revenues to more than €50m

MOBILE DATA services provider Zamano is planning to double revenues this year to more than €50 million.

Following publication of its 2007 results, which showed revenues of €24.7 million and pre-tax profits of €3.5 million, chief executive John O'Shea said analyst predictions of a doubling of revenues this year "are definitely possible on the back of the Red Circle acquisition". Zamano announced the €22.4 million purchase of Dublin-based peer Red Circle last November and Mr O'Shea said it had contributed to just 10 days of the 2007 figures.

Zamano doubled revenues last year from €12.3 million in 2006. The firm attributed this to a shift in advertising from print to online and mobile and further customers wins by its business to business unit.

Average revenue per employee increased 37 per cent €475,000 in 2006 to €650,000 last year.

Mr O'Shea said following the five acquisitions Zamano has made it would like an additional purchase in the second half of the year. "Acquisition is core to our future," said Mr O'Shea.

Zamano ended the year with a cash balance of €12.1 million, but €6.2 million of this is earmarked for a final payment to shareholders in Eirborne, a company acquired during the year, and another €1 million for Red Cricle shareholders.

Despite the strong results NCB Stockbrokers said it was likely to upgrade forecasts only "modestly" due to sterling weakness and lower than expected revenues at Red Circle.

© 2008 The Irish Times

This article appears in the print edition of the Irish Times