Mobile data services provider Zamano said today it expects Earnings before Interest, Taxes, Depreciation, and Amortization (ebitda) for the six months through to the end of June to be about €2.3 million.
This is in line with market estimates.
The company, which is holdings its AGM later today, forecasts that a decline in revenue has been offset by improved gross margins and lower operating costs.
Cash generation in the first half of 2009 has resulted in an 18 per cent reduction in net debt to approximately €5.9 million, compared with €7.2 million at the end of 2008.
"The Group has made progress on the key steps outlined in March 2009, including entry into new geographic markets, expansion of mobile advertising and developing new mobile payment mechanisms while continuing to focus on cost reduction and margin maximisation in mature markets," said Rod Matthews, chairman of Zamano.
"Theboard believes the prospects in the sector remain strong for the medium term however in the short term the trading environment is challenging," he added.
Zamano's interim results for the six months to 30th June will be announced in late September.
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