LONDON (Alliance News) - MoPowered PLC said Tuesday that revenues rose less than had been anticipated in the first-half, and warned that revenues in 2014 are now expected to be more modest.
Shares in the mobile commerce company dropped at the open Tuesday, trading 39.51% lower at 37.2 pence per share, the biggest faller on the AIM market.
The company reported revenues in the six months to June 30, 2014 "in excess of three quarters of a million pound," representing growth of over 60% from the second-half of 2013, although the increase is less than had been anticipated, it said.
MoPowered said that after a strong first quarter it has been hit by delays; some of the larger deals expected to complete in the second quarter have no slipped to the second-half of the year, subsequently impacting the company's full-year results. "As previously announced, the rate of launching live mobile sites for smaller SME customers has been lower than expected due to operational constraints and challenges in acquiring these customers cost-efficiently," said the company.
As a result, MoPowered said growth in its recurring revenues, and therefore revenues as a whole, will be more modest than had been expected for 2014 and beyond.
Looking ahead, the company said that it has worked to build a pipeline of mid-market businesses that wish to take advantage of mobile commerce through MoPowered and that robust new partnerships and sales capabilities are being put in place to ensure sustained future growth, it is also creating opportunities to commercialise its intellectual property further, said MoPowered.