Mobile services firm Zamano's profits up 12%

Profits at mobile phone games and services developer Zamano grew 12 per cent to €1.4 million in the first six months of the year.

Dublin and London-listed Zamano said yesterday that strong growth in the UK boosted revenues by 70 per cent in the first half of the year to €9.67 million from €5.7 million during the same period in 2006. Earnings before interest, tax and write-offs grew 19 per cent to €1.5 million in the first half of 2007 from €1.27 million during the same period last year.

The company's figures show that profits before tax increased by 12 per cent to €1.4 million this year from €1.24 million in 2006.

Basic earnings per share (eps) dropped to 1.7 cent from 2.2 cent between the two interim periods.

Zamano said the fall in eps was due to the fact that it issued 16.7 million new shares when it floated on London's Alternative Investment Market (AIM) last October.

The company raised €4.9 million from the float.

Zamano said yesterday that the figures reflected a positive contribution from Eirborne, a rival player that it bought earlier this year.

The deal was based on Eirborne's performance after the takeover.

Zamano said that it now looks like the business will hit its targets, and thus the final bill for buying it will be €8.5 million, the maximum amount agreed with Eirborne's shareholders.