Zamano still on hunt for acquisitions despite approach

Zamano, the Dublin-listed mobile services provider which earlier this week confirmed it had received an offer for the company, has said it is continuing to investigate possible acquisitions.

In an interim management statement issued ahead of its annual general meeting in Dublin on Thursday, the group also said it is gradually altering its customer acquisition model to provide greater in-house capabilities and market flexibility.

The group, which agreed a deal with Three in April to allow the company's technology to be used as a conduit by e-commerce providers to bill Three's customers via their mobile phone bill, said it "continues to pursue the development of its carrier billing capabilities with its recently deployed connections to the Irish mobile operators."

In addition to the deal with Three, Zamano has a similar agreement with Vodafone, and it is currently seeking to be connected to the 18 per cent of the market that subscribes to Meteor.

On Monday the group said it had received an early stage and conditional offer worth €0.20 per share.

Revenue and profit at Zamano rose last year, accounts for the company published in March showed.

In the 12 months to December 31st 2014, revenue rose almost 24 per cent to €19.86 million, while pretax profit was €2.17 million, an increase of 13.5 per cent.

The company also recorded an improvement in its net cash during the year, rising to €4.6 million at the end of last year, compared with €2.14 million in 2013.