Harrogate-based push-to-talk comms specialist Mobile Tornado Group is to raise around £425k via a share placement.
The new shares, priced at 2 pence apiece, represent approximately 5.1% of the company, which has been listed since 2004.
The proceeds will be used to fund the consolidation of the company’s research and development centres and further the growth of its business development initiatives.
This includes the launch of Mobile Tornado’s proposition into the APAC region with the appointment of a business development manager based in Taiwan.
The firm recently reported a 16% fall in revenue to £1.06m for the six-month period to 30th June 2024, with a loss before tax of £600,000 (H1 2023: £530,000).
Jeremy Fenn, chairman and acting CEO of Mobile Tornado, was upbeat however: “Since we reported our half-year results on 26 September 2024, I’m pleased to confirm that the business has continued to scale up its sales and business development operation,” he said.
“We are in discussions with a number of new partners and end customers across our key markets in South America, Africa and the Middle East. We have also recently appointed an experienced business development professional to manage the APAC region.
“This will be the first time the company has had a dedicated function in this region and we are excited about the potential for this market.
“As well as further supporting our business development initiatives, the funding will help facilitate the consolidation of our research and development operation.
“This exercise will be completed by the end of the financial year and will deliver a material saving on our operational cost base, whilst maintaining the highest levels of service to our expanding partner and customer base.”
