CHAIRMAN OF Zamano Rod Matthews said he was comfortable with analysts' estimates for full-year earnings for the company, despite a trading statement from the mobile data services provider earlier this month which said that its financial performance in the first half of the year would be below what the board had expected.
Analysts are forecasting about €5.2 million in earnings before interest, tax, depreciation and amortisation (ebitda) for the full year.
Speaking after the company's annual general meeting yesterday, Mr Matthews said that first-half profits would miss expectations this year due to sterling weakness.
A big proportion of the company's profits come from the UK.
"There isn't an Irish company or indeed any company in Europe that is trading significantly in the UK that isn't facing exactly the same situation," he said.
"Or the United States for that matter, because the dollar has been in decline as well."
However, he said he expected the company to grow in the second half of the year.
Mr Matthews said that differences in business culture meant that the integration of Red Circle, which it acquired last November for €18 million, had taken longer than anticipated.
However, he described this process as a "hiccup".
"It was more about stopping things that weren't delivering properly than about anything else," he said.
"There was a culture of innovating and doing lots of things and, if some of those lost money, so be it.
"The Zamano culture still wants people to take risks, otherwise you won't grow.
"But at the same time, have much more focus on any cost implications."
Mr Matthews said he could not yet foresee when the company would begin to pay a dividend.
He said the company would continue to concentrate on using cash generated for day-to-day operations and for paying down debt.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)