Results for year ended 31 December 2013
RNS Number : 9135G
MoPowered Group PLC
13 May 2014
ï»¿For immediate release / 13 May 2014
MoPowered Group plc
("MoPowered Group" or the "Group")
Results for year ended 31 December 2013
MoPowered Group (AIM:MPOW), a specialist in helping online businesses take advantage of mobile commerce, is delighted to announce the key highlights from MoPowered Limited's results for the year ended 31 December 2013.
MoPowered Group plc was incorporated on 18 September 2013 and its first financial year will be the period to 31 December 2014.Thereforeconsolidated accounts for its subsidiary undertaking, MoPowered Limited ("MoPowered Limited Consolidated"), have been prepared and include all trading activities for the MoPowered business for the 12 months to 31 December 2013. These consolidated accounts, upon completion of the audit, will be filed at Companies House during the week commencing 19 May 2014.
MoPowered Group plc held cash balances of £2.57m but did not otherwise trade in the period to 31 December 2013.To aid comparison, the table below shows highlighted pro forma unaudited consolidated results for MoPowered Group plc for the year ended 31 December 2013:
Financial highlightsMoPowered Limited Consolidated
(Unaudited) / MoPowered Limited Consolidated
(Unaudited) / MoPowered Group plc Consolidated
FY2013 / FY2012 / FY2013
£'000 / £'000 / £'000
Revenue / 1,010 / 761 / 1,010
Gross profit / 592 / 375 / 592
EBITDA1 / (2,218) / (2,200) / (2,174)
Cash balance / 207 / 162 / 2,784
79 new clients won in 2013 including well-known names such as BBC and SuperDry;
Year-on-year Group revenue growth of 33% with 175% increase in repeating and recurring SaaS revenues;
MoPowered SaaS platform became fully operational with important new platform releases which improved the quality and performance of our mobile websites and apps;
Successful IPO, raising net £2.9 million providing funds to invest in growing the business;
Continued investment to improve and increase the Group's sales and marketing capabilities;
Recruitment of key senior executives and a new non-executive team.
We continue to build on the momentum generated in 2013, with continued positive progress being made on lead generation and good conversion of new merchants.
The on-boarding of new merchants has been slightly longer and more costly than anticipated but this is improving as additional technology development further improves the automation of our processes.
Taking these factors into account, Q1 trading has been in line with management's expectations. The current market back drop remains very attractive and we are continuing to invest in sales and marketing in order to deliver accelerating targets.
Mike Hughes, the Group's Chairman, commented:
"I am pleased to announce another period of strong revenue growth for MoPowered as it builds its leading position in the mobile commerce enablement market. We continue to build on the momentum generated in 2013 and current trading remains in line with our plans for 2014."
"2013 was a transformative year for MoPowered as much positive progress was achieved including improving its platform, expanding its customer reach, and firming up its commercial model. The culmination of the year was a successful admission to AIM; providing an independent recognition of our commercial opportunity and laying the foundation for us to build a valuable business as an m- commerce specialist."
"The funds raised at the time of IPO are being used to increase our sales activities, develop our products, improve operating efficiency and conversion performance and thereby enhance profitability for both our customers and our shareholders. We remain focussed on meeting our customers' needs through innovations that help them grow their businesses."
For further information, please contact:MoPowered Group plc
Dominic Keen, CEO
Ben Carswell, CFO /
Tel: +44 20 3242 0515
Gillian Martin / Tel: +44 20 7496 3000
Clare Akhurst / Tel: +44 20 7466 5000
About MoPowered Group plc
MoPowered is a 'Software-as-a-Service' ('SaaS') platform, launched in March 2012, which works with businesses of all sizes, to automate websites and enable mobile commerce. Key distribution partnerships with PayPal, WorldPay and MasterCard enable the Group to access the majority of UK merchants.
The software platform allows automated development of mobile sites rather than custom deployment with the corresponding time and cost advantages. The commercial model is predominantly based on long-term contracted, recurrent revenues.
MoPowered is operating right at the centre of one of the most fundamental shifts in consumer consumption in the history of commerce. Now that the vast majority of shoppers in the UK have powerful, well-networked smartphones with them at all times of day, they are choosing to take advantage of the convenience and immediacy of the m-commerce medium to buy goods and services. Having developed a SaaS platform to allow online retailers to transform efficiently their websites into a format that is suitable for small touchscreen devices, MoPowered is helping ever increasing numbers of businesses to become mobile friendly and is well positioned to become a leading enablement platform for m-commerce.
Online merchants have a number of options for serving their mobile shoppers. The MoPowered offering is providing an increasingly compelling method for these merchants to profit from m-commerce by extending their reach and growing their revenues. MoPowered's pay-per-use fee model and simple configuration requirements make their propositions substantially different from alternatives that require much heavier upfront investments and have a higher impact on customer resources.
1EBITDA means earnings before interest, taxation, depreciation, amortisation and exceptional items (which include IPO costs expensed and non-cash share based payments).
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