By Polly Fergusson Aim-listed MobileFuture has cut earnings forecasts and has admitted it will no...
By Polly Fergusson
Aim-listed MobileFuture has cut earnings forecasts and has admitted it will now not be profitable before 2002.
Chief executive Andy Munro told Investor's Week the company would not break even this summer, as originally forecast, due to a lack of new customers.
"There has been a delay with hiring several key members of sales staff we are expecting them to attract some big deals once they are on board." Munro said.
MobileFuture makes software for wireless application service provision (Wasp), which allows people using Wap and other wireless products to access the internet within four seconds.
The company raised £5.5m in November when it floated and has £3.5m left.
Analysts at Beeson Gregory, the house broker, are expected to cut earnings forecasts following the interim results announced last week.
For the six months to December, 2000, MobileFuture reported a turnover of £221,000 compared to £24,000 in 1999. However it made a pre tax loss of £839,999 and a loss per share of 5.01p.
This month the company launches a managed modem service for companies which will provide an additional revenue stream to earnings.
MobileFuture charges a set-up fee for companies using its service and a monthly subscription of £10 per user. Clients include Sony and the Treasury.
MobileFuture shares have not suffered as badly as other telecoms related smaller companies and are trading at around 55p compared with their flotation price of 72p. This latest revelation will do little to boost sentiment. Sell.