TIDMMBT
RNS Number : 5942X
Mobile Tornado Group PLC
27 April 2023
27 April 2023
Mobile Tornado Group plc
("Mobile Tornado", the "Company" or the "Group")
2022 Final results
Mobile Tornado Group plc, a leading provider of resource
management mobile solutions to the enterprise market, announces its
audited results for the year ended 31 December 2022.
Financial Highlights
2022 2021
GBP'000 GBP'000
Recurring revenue 1,969 2,112
Non-recurring revenue* 310 479
--------------------------- -------- --------
Total revenue 2,279 2,591
Gross profit 2,223 2,491
Administrative expenses** (2,507) (2,525)
Adjusted EBITDA*** (284) (34)
-------- --------
Group operating loss (723) (253)
Loss before tax (1,419) (861)
-- Total revenue decreased by 12% to GBP2.28m (2021: GBP2.59m)
o Recurring revenues decreased by 7% to GBP1.97m (2021:
GBP2.11m)
o Non-recurring revenues* decreased by 35% to GBP0.31m (2021:
GBP0.48m)
-- Gross profit decreased by 11% to GBP2.22m (2021: GBP2.49m)
-- Administrative expenses before depreciation, amortisation,
exceptional items and exchange differences decreased by 1% to
GBP2.51m (2021: GBP2.53m)
-- Adjusted EBITDA** loss of GBP0.28m (2021: loss of GBP0.03m)
-- Group operating loss for the year increased to GBP0.72m (2021: GBP0.25m)
-- Loss after tax of GBP1.38m (2021: loss of GBP0.63m)
-- Basic loss per share of 0.36p (2021: loss of 0.17p)
-- Cash at bank at 31 December 2022 of GBP0.15m (31 December
2021: GBP0.07m) with net debt of GBP10.44m (2021: GBP9.63m)
* Non-recurring revenues comprise installation fees, hardware,
professional services and capex license fees
** Administrative expenses excludes depreciation, amortisation
and exchange differences
***Earnings before interest, tax, depreciation, amortisation,
exceptional items and excluding exchange rate differences
Operating highlights
-- Successful trials completed with several public sector
organisations across South & Central America and commercial
discussions now in progress
-- Deal closed in Caribbean with leading mobile network operator ("MNO")
-- Landmark push-to-talk over cellular ("PoC") deal concluded
with Leeds Bradford Airport post year-end, having run extensive
trials during 2022
-- Post year end fundraise to support the scale up of our sales,
marketing and business development activities
Jeremy Fenn, Chairman of Mobile Tornado, said: "The business has
successfully established itself as a key player in the PoC market,
with a presence in Africa, South America and Europe. We deliver a
high-quality, reliable PoC solution that meets the mission-critical
communication needs of our customers. Our platform boasts several
key differentiators, such as seamless transition, market-leading
group sizes, a unique dispatcher console, and highly efficient data
utilization, which set us apart from our competitors and contribute
to our platform's reputation for superior performance.
" The Board is fully committed to maintaining the technical
advantages that have been established, at the same time driving a
much deeper and wider business development operation. The outreach
campaign that has been running since the start of the year has
already generated a good flow of new partner and customer
opportunities, many of them in new geographic markets. We believe
that this momentum can be accelerated significantly if we can
successfully deploy our solution into a public safety organisation.
Our teams worked hard on multiple trials during the last 15 months
and we are hopeful that we will very shortly see a successful
conclusion with full platform deployment. This would represent a
significant commercial breakthrough, and we are confident will lead
to a material uplift in financial performance as we push towards
profitability in 2023. "
Enquiries :
Mobile Tornado Group plc www.mobiletornado.com
Jeremy Fenn, Chairman +44 (0)7734 475 888
Allenby Capital Limited (Nominated
Adviser & Broker) +44 (0)20 3328 5656
James Reeve / Piers Shimwell (Corporate
Finance)
David Johnson (Sales and Corporate
Broking)
Financial results and key performance indicators
Total revenue for the year ended 31 December 2022 decreased by
12% to GBP2.28m (2021: GBP2.59m). Recurring revenues decreased by
7% to GBP1.97m (2021: GBP2.11m). Non-recurring revenues, comprising
installation fees, hardware, professional services and capex
license fees decreased to GBP0.31m (2021: GBP0.48m). As a result,
gross profit decreased by 11% to GBP2.22m (2021: GBP2.49m).
Our former customer located in Canada, which the Group lost at
the end of 2021 as previously reported, accounted for 20% of total
revenue and 10% of recurring revenues in the prior year comparative
figures. It is pleasing to report therefore, that outside of this,
we recorded a modest increase in both our total and recurring
revenues across the remainder of our customer base.
Administrative expenses before depreciation, amortisation,
exceptional items and exchange differences in the year decreased by
1 % to GBP2.51m (2021: GBP2.53m), reflecting the continued positive
impact that further investment in the development and operating
efficiencies of our enhanced technical platform have delivered.
Due to the annual retranslation of certain financial liabilities
on the balance sheet, the Group reported a translation loss of
GBP0.23m (2021: gain of GBP0.08m) arising from the depreciation of
Sterling relative to both the Euro and the US Dollar as at 31
December 2022 versus the previous year end. The Group recorded a
net income tax credit of GBP0.04m (2021: GBP0.23m).
The loss after tax for the year increased to GBP1.38m (2021:
loss of GBP0.63m) equating to a basic loss per share of 0.36p
(2021: 0.17p).
The net cash used in operations decreased to GBP0.17m (2021:
GBP0.25m). At 31 December 2022, the Group had GBP0.15m cash at bank
(2021: GBP0.07m) and net debt of GBP10.44m (31 December 2021:
GBP9.63m).
The balance sheet continues to reflect the cumulative loss
position of the Group, and those net liabilities that have resulted
from this. We continue to hold levels of debt in the Group which
have funded these historical losses.
Results and dividends
The Directors do not recommend the payment of a dividend in
respect of the year ended 31 December 2022 (year ended 31 December
2021: nil). The Company currently intends to reinvest future
earnings to finance the growth of the business over the near
term.
Review of operations
We have delivered a year of steady progress, managing the exit
of one of our biggest customers and maintaining and securing modest
growth across the balance of the customer base.
Much of our efforts in 2022 were directed towards public safety
organisations in South and Central America, where we have witnessed
growing interest in our solution having delivered 100% service
reliability to our customer base in Colombia over the last 2 years.
Our technical team worked hard during the year to introduce new
features and functionality to meet the requirements of these
organisations and we are pleased to report that all trials
concluded successfully. As is always the case with public sector
organisations, we are in a commercial process which always runs
longer than expected and so it is difficult to know when service
deployment will commence. We anticipate initial deployments in El
Salvador and Guatemala, and providing these run successfully,
further engagements in Costa Rica, Nicaragua and Honduras.
We are increasingly confident that our PoC technology platform
has the potential to greatly enhance communication and coordination
among first responders, law enforcement, and emergency services. By
providing real-time, reliable, and secure communication channels,
PoC can significantly improve response times and operational
efficiency, and this has been borne out by the results of the
trials that ran during the year. Encouragingly, we are now seeing
public safety organisations in other territories express interest
in running trials and we hope to achieve significant commercial
breakthroughs during 2023.
As previously reported, our Caribbean partner signed a contract
with a prominent mobile network operator (MNO) in 2022, initiating
trials and discussions with numerous customers across various
countries. A robust sales pipeline has developed, and we are now
seeing the first commercial deployments across hotel groups,
transportation companies and airports. At the same time, trials
have commenced with several public safety organisations.
Activity levels across South Africa have been low due to
economic and political challenges, but we maintain engagement with
public utilities and agencies interested in deploying our platform.
We are hopeful that commercial success with public safety
organisations in South and Central America will stimulate broader
engagement in the region.
Our UK partner recently finalised a landmark deal with Leeds
Bradford Airport having run extensive trials during 2022. We
understand this is one of the first airports in Europe to replace a
legacy analogue radio system with PoC and anticipate that this will
open engagement and discussions with many others.
Since we announced the Board changes on 9 January 2023, we are
pleased to report that the business has moved quickly to scale up
its sales and business development operation and is now actively
engaged with several potential new partners and customers. We are
in the process of finalising agreements with new partners across
several markets, including Brazil, USA, Philippines and the Middle
East.
Having navigated through the COVID period without any external
funding (the last equity raise was in July 2019), we raised GBP500k
through a strategic funding round in March 2023 to support
marketing and business development activities. This will be
directed towards enhanced PR activity, participation in major
industry trade shows and the recruitment of additional sales
professionals to manage the increasing portfolio of partners.
Research and Development
We are confident that our PoC platform provides a top-tier
mission-critical communications solution, which is distinguished by
the following key differentiators:
Seamless transition - our platform ensures uninterrupted
communication during shifts between different networks or coverage
zones. This allows users to maintain constant connectivity and
enables efficient collaboration across teams, regardless of their
location or network conditions.
Market-leading group sizes - our platform supports larger group
sizes compared to competing solutions, making it ideal for
organizations with extensive teams or complex communication
requirements. The solution can manage group sizes of 5,000 compared
to competing products that are limited to several hundred.
Dispatcher console - the dispatcher console is a centralized and
user-friendly interface that allows for efficient coordination and
management of communication channels. It enables dispatchers to
monitor and control conversations, prioritize messages, and
allocate resources, ensuring smooth communication flow and rapid
response times during critical situations. Our console is capable
of managing 64 groups simultaneously, which we believe puts us
ahead of all competing platforms.
Data utilization - our platform optimizes data usage by
employing advanced compression techniques and minimizing bandwidth
consumption. This results in cost savings for customers while
maintaining high-quality voice and data transmission. Additionally,
the platform's efficient data management allows for seamless
integration with other systems, further enhancing its versatility
and adaptability to various organizational needs.
Our development teams in Israel and India will continue to
enhance the platform, in line with the demands from our customers,
to ensure we maintain our current competitive advantage.
Funding
We increased our GBP0.3m revolving loan facility to GBP500,000
on 24 March 2022 with our principal shareholder InTechnology plc
and extended the term for a further 12 months. This facility now
has a term ending on 26 September 2023 with a maximum principal
amount of GBP500,000 (previously GBP300,000). As at 31 December
2022, the balance drawn down was GBP400,000 (31 December 2021:
GBP150,000).
In March 2023, we concluded a subscription for 25.0m new
ordinary shares of 2 pence each representing approximately 6.6 per
cent. of the existing issued ordinary share capital of the Company
at a price of 2 pence per share to raise GBP500,000. The Company
also announced the capitalisation of GBP259,490 of indebtedness
owed by the Company to InTechnology plc into 12,974,492 new
Ordinary Shares, also at 2 pence per share.
We remain confident that our available cash resources together
with our long-established recurring revenue customer base and
anticipated future contracts will provide us with adequate
financial resources for the foreseeable future.
Principal risks and uncertainties
The management of the business and the nature of the Group's
strategy are subject to a number of risks. The Directors have set
out below the principal risks facing the business. The Directors
are of the opinion that a thorough risk management process is
adopted, which involves the formal review of all the risks
identified below. Where possible, processes are in place to monitor
and mitigate such risks.
Product obsolescence
Due to the nature of the market in which the Group operates,
products are subject to technological advances and as a result,
obsolescence. The Directors are committed to the Group's current
research and development strategy and are confident that the Group
can react effectively to developments within the market.
Indirect route to market
As described above, one of the Group's primary channels to
market are MNOs reselling our services to their enterprise
customers. Whilst MNOs are ideally positioned to forward sell our
services and are likely to possess material resources for doing so,
there remains an inherent uncertainty arising from the Group's
inability to exert full control over the sales and marketing
strategies of these customers.
Going concern
The Financial Statements are prepared on a going concern
basis.
When determining the adoption of this approach, the Directors
have considered a wide range of information relating to present and
future conditions, including the current state
of the Balance Sheet, together with that continued support
offered by our principal shareholder Intechnology plc, who, as in
previous years, has agreed not to call on existing loans and
borrowings totaling GBP10,148,000 and to extend the duration of our
GBP500,000 working capital facility if requested to do so. Further
consideration has been given to future projections, cash flow
forecasts, access to funding, ability to successfully secure
additional investment, available mitigating actions and the
medium-term strategy of the business.
The Group is dependent on its ability to meet its cash flow
forecasts. Within those forecasts the Group has included a number
of significant payments and receipts based on its best estimate
but, as with all forecasts, there does exist some uncertainty as to
the timing and size of those payments and receipts. In particular,
the forecasts assume the ongoing deferral and phased payment of
some of the Group's creditors, including a contingent consideration
balance of GBP2,815,000, (as disclosed in note 12 to the financial
statements), and the continuation at the current level of recurring
revenue and a significant increase in the level of non-recurring
revenues. In the event that some or all of these receipts are
delayed, deferred or reduced, or payments not deferred, management
has considered the actions that it would need to take to conserve
cash. These actions would include significant cost savings
(principally payroll based) and/or seeking additional funding from
its shareholders, for which there is currently no shareholder
commitment requested. These conditions, together with the other
matters explained in note 1 to the financial statements, indicate
the existence of a material uncertainty which may cast significant
doubt about the Group's ability to continue as a going concern. The
financial statements do not include the adjustments that would
result if the Group was unable to continue as a going concern.
The Directors, whilst noting the existence of a material
uncertainty and having considered the possible management actions
as noted above, are of the view that the Group is a going concern
and will be able to meet its debts as and when they fall due for a
period of at least 12 months from the date of signing these
accounts.
Section 172 statement - our stakeholders
The Board recognises its duty to consider the needs and concerns
of the Group's key stakeholders during its discussions and
decision-making. The Board has had regard to the importance of
fostering relationships with its stakeholders as set out below, and
also detailed in the Corporate Governance section of this Annual
Report.
Colleagues
We have an experienced, and dedicated workforce which we
recognise as the key asset of our business. It is vital to the
success of the Group to continue to create the right environment to
encourage and create opportunities for individuals and teams to
realise their full potential. The Board and management team pay
close attention to employee feedback and seek to respond
constructively to any suggestions or concerns raised.
Regular colleague briefing sessions are held with the Chief
Executive Officer to enable colleagues to ask questions and raise
issues and for colleagues to be provided with updates on the
business. Key performance information such as trading updates and
financial results are always promptly communicated to colleagues.
The Group has in place a share option scheme to enable colleagues
to become personally invested as shareholders of the Group.
Customers
Regular communication is with the Group's core customers to
discuss operational updates, product roadmap developments and gain
key customer feedback. This enables increased engagement with
customers at a strategic level and a greater understanding of both
customer pain points and future requirements from strategic to
end-user level.
Strategy
The Group continues to invest in an R&D strategy, current
details of which are provided in paragraph six of the review of
operations.
Suppliers
The Board is committed to building trusted partnerships with the
Group's suppliers. Through these partnerships, we deliver value and
quality to our other stakeholders.
Shareholders
The Executive Chairman holds analyst and investor roadshow
meetings during the year, particularly following the release of the
Group's interim and full year results and feedback from those
meetings is shared with the Board. The AGM is a key opportunity for
engagement between the Board and shareholders, particularly private
shareholders. The Group's annual report and accounts is made
available to all shareholders both online and in hard copy where
requested. All presentations and announcements and other key
shareholder information is available on the investor section of the
Group's website.
Outlook
The business has successfully established itself as a key player
in the PoC market, with a presence in Africa, South America and
Europe. We deliver a high-quality, reliable PoC solution that meets
the mission-critical communication needs of our customers. Our
platform boasts several key differentiators, such as seamless
transition, market-leading group sizes, a unique dispatcher
console, and highly efficient data utilization, which set us apart
from our competitors and contribute to our platform's reputation
for superior performance.
The Board is fully committed to maintaining the technical
advantages that have been established, at the same time driving a
much deeper and wider business development operation. The outreach
campaign that has been running since the start of the year has
already generated a good flow of new partner and customer
opportunities, many of them in new geographic markets. We believe
that this momentum can be accelerated significantly if we can
successfully deploy our solution into a public safety organisation.
Our teams worked hard on multiple trials during the last 15 months
and we are hopeful that we will very shortly see a successful
conclusion with full platform deployment. This would represent a
significant commercial breakthrough, and we are confident will lead
to a material uplift in financial performance as we push for
profitability in 2023.
As always, we would like to thank our team for their outstanding
efforts across the last financial year. We have started the new
year with renewed energy, and we are encouraged by the early
results. We look forward to updating shareholders as the year
develops, and sincerely believe that we are very close to realizing
the potential we have seen now for some years.
Approved by the Board of Directors and signed on behalf of the
Board
Jeremy Fenn
Chairman
27 April 2023
Consolidated income statement
For the year ended 31 December 2022
2022 2021
GBP'000 GBP'000
Continuing operations
Revenue 2,279 2,591
---------------------------------------- --------------- -----------------
Cost of sales (56) (100)
---------------------------------------- --------------- -----------------
Gross profit 2,223 2,491
Operating expenses
Administrative expenses (2,507) (2,525)
Exchange differences (227) 78
Depreciation and amortisation expense (212) (297)
---------------------------------------- --------------- -----------------
Total operating expenses (2,946) (2,744)
Group operating loss before exchange
differences,
depreciation and amortisation expense (284) (34)
---------------------------------------- --------------- -----------------
Group operating loss (723) (253)
Finance costs (696) (608)
Loss before tax (1,419) (861)
Income tax credit 37 231
Loss for the year (1,382) (630)
---------------------------------------- --------------- -----------------
Loss per share (pence)
Basic and diluted (0.36) (0.17)
---------------------------------------- --------------- -----------------
Consolidated statement of comprehensive income
For the year ended 31 December 2022
2022 2021
GBP'000 GBP'000
Loss for the year (1,382) (630)
Other comprehensive gain/(loss)
Item that will subsequently be reclassified
to profit or loss:
Exchange differences on translation
of foreign operations (61) (5)
Total comprehensive loss for the
year (1,443) (635)
---------------------------------------------- -------- --------
Attributable to:
Equity holders of the parent (1,443) (635)
---------------------------------------------- -------- --------
Consolidated statement of financial position
As at 31 December 2022
2022 2021
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 155 122
Right-of-use assets 350 83
505 205
-------------------------------------- --------- --------------------
Current assets
Trade and other receivables 1,414 1,632
Inventories 25 67
Cash and cash equivalents 145 65
--------------------------------------- --------- --------------------
1,584 1,764
-------------------------------------- --------- --------------------
Liabilities
Current liabilities
Trade and other payables (5,191) (4,661)
Borrowings (10,558) (9,662)
Lease liabilities (105) (91)
Net current liabilities (14,270) (12,650)
--------------------------------------- --------- --------------------
Non-current liabilities
Trade and other payables (1,076) (1,213)
Borrowings (27) (37)
Lease liabilities (258) -
(1,361) (1,250)
-------------------------------------- --------- --------------------
Net liabilities (15,126) (13,695)
--------------------------------------- --------- --------------------
Equity attributable to the owners of
the parent
Share capital 7,595 7,595
Share premium 15,797 15,797
Reverse acquisition reserve (7,620) (7,620)
Merger reserve 10,938 10,938
Foreign currency translation reserve (2,270) (2,209)
Accumulated losses (39,566) (38,196)
Total equity (15,126) (13,695)
--------------------------------------- --------- --------------------
Consolidated statement of changes in equity
For the year ended 31 December 2022
Foreign
Reverse currency
Share Share acquisition Merger translation Accumulated Total
capital premium reserve reserve reserve Losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2021 7,595 15,797 (7,620) 10,938 (2,204) (37,583) (13,077)
Loss for the
year - - - - - (630) (630)
Exchange
differences on
translation
of foreign
operations - - - - (5) - (5)
Total
comprehensive
loss for
the year - - - - (5) (630) (635)
Equity settled
share-based
payments - - - - - 17 17
Balance at 31
December 2021 7,595 15,797 (7,620) 10,938 (2,209) (38,196) (13,695)
--------------- -------------- ---------------- ------------------ ---------------- ------------------- --------------------- -----------------
Foreign
Reverse currency
Share Share acquisition Merger translation Accumulated Total
capital premium reserve reserve reserve Losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
January 2022 7,595 15,797 (7,620) 10,938 (2,209) (38,196) (13,695)
Loss for the
year - - - - - (1,382) (1,382)
Exchange
differences on
translation
of foreign
operations - - - - (61) - (61)
Total
comprehensive
loss for
the year - - - - (61) (1,382) (1,443)
Equity settled
share-based
payments - - - - - 12 12
Balance at 31
December 2022 7,595 15,797 (7,620) 10,938 (2,270) (39,566) (15,126)
--------------- -------------- ---------------- ------------------ ---------------- ------------------- --------------------- -----------------
Consolidated statement of cash flows
For the year ended 31 December 2022
2022 2021
GBP'000 GBP'000
Operating activities
Cash used in operations (173) (247)
Tax received 238 238
Interest paid 9 -
-----------------------------------------
Net cash (used in)/from operating
activities 74 (9)
------------------------------------------ ------------------- --------------------
Investing activities
Purchase of property, plant & equipment (60) (19)
Disposal of property, plant & equipment - 7
Net cash used in investing activities (60) (12)
------------------------------------------ ------------------- --------------------
Financing activities
Receipt of borrowings 250 150
Repayment of borrowings (10) (3)
IFRS 16 leases (180) (248)
--------------------
Net cash generated from/(used)
in financing activities 60 (101)
------------------- --------------------
Effects of exchange rates on cash
and cash equivalents 6 -
----------------------------------------- ------------------- --------------------
Net increase/(decrease) in cash
and
cash equivalents in the year 80 (122)
Cash and cash equivalents at beginning
of year 65 187
------------------- --------------------
Cash and cash equivalents at end
of year 145 65
------------------------------------------ ------------------- --------------------
Notes to the financial statements
1 Financial information
The financial information set out in this final results
announcement does not constitute statutory accounts within the
meaning of s434 of the Companies Act 2006. Statutory accounts for
the year ended 31 December 2022 will be made available to
shareholders for approval at the next Annual General Meeting. The
statutory accounts contain an unqualified audit report, which did
not include a statement under s498(2) or s498(3) of the Companies
Act 2006 and will be delivered to the Registrar of Companies.
The statutory accounts for the year ended 31 December 2021 which
have been delivered to the Registrar of Companies, contained an
unqualified audit report and did not include a statement under
s498(2) or s498(3) of the Companies Act 2006.
2 Segmental analysis
The Group presents its results in accordance with internal
management reporting information to the chief operating decision
maker (Board of Directors). At 31 December 2022 the Board continued
to monitor operating results by category of revenue within a single
operating segment, the provision of instant communication
solutions. Under IFRS 8 the Group has only one operating
segment.
Revenue by category
2022 2021
GBP'000 GBP'000
License fees 2,014 2,003
Hardware & software 178 164
Professional services 26 201
Support & Maintenance 61 223
Total 2,279 2,591
-------------------------- -------- --------
2022 2021
GBP'000 GBP'000
Recurring 1,969 2,112
Non-recurring 310 479
Total 2,279 2,591
-------------------------- -------- --------
Revenue is reported by geographical location of customers.
Non-current assets are reported by geographical location of
assets.
2022 2022 2021 2021
Non-current Non-current
Revenue assets Revenue assets
GBP'000 GBP'000 GBP'000 GBP'000
UK 31 - 19 23
Europe 99 - 188 -
North America 65 - 581 -
South America 1,341 - 1,118 -
Israel 351 505 329 182
Africa 382 - 348 -
Asia/Pacific 10 - 8 -
Total 2,279 505 2,591 205
--------------- -------- ----------------------- -------- -----------------------
Of the total revenue of the Group, three customers each
represented revenue greater than 10% of this total - these being
30% or GBP685,000 (2021: 21% or GBP551,000), 29% or GBP656,000
(2021: 22% or GBP567,000) and 17% or GBP382,000 (2021: 13% or
GBP348,000) respectively.
3 Loss per share
Basic loss per share is calculated by dividing the loss
attributable to ordinary shareholders of GBP1,382,000 (2021:
GBP630,000) by the weighted average number of ordinary shares in
issue during the year of 379,744,923 (2021: 379,744,923).
2022 2021
Basic and diluted Basic and diluted
Loss Loss Loss Loss
per
share per share
GBP'000 pence GBP'000 pence
Loss attributable to
ordinary shareholders (1,382) (0.36) (630) (0.17)
The loss attributable to ordinary shareholders and the weighted
average number of ordinary shares for the purpose of calculating
the diluted earnings per ordinary share are identical to those used
for basic earnings per ordinary share. This is because the exercise
of share options are anti-dilutive under the terms of IAS 33.
4 Annual General Meeting
The Annual General Meeting of the Company will be announced
separately in due course. The audited results for the year ended 31
December 2022 will be made available to shareholders shortly and
will be available on the Company's website at www.mobiletornado.com
at the same time.
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