Messaging International shares surge as loss narrows

Provider of messaging services Messaging International announced results for the 2015 calendar year on Tuesday, with gross revenues falling 4% to £3.47m from 2014.

The AIM-traded firm made an adjusted pre-tax loss for the year, before goodwill impairment, of £55,309 - much narrower than the £334,798 loss recorded in 2014.

After goodwill impairment, the pre-tax loss widened to £274,309, which was still a marked improvement on the 2014 sum of £2,884,798.

“The results for the year were affected by the impairment of goodwill of £219,000 reducing the carrying value of goodwill in these financial statements to £521,901,” Messaging’s board said in a statement.

It added that the year saw a decline in its traditional text-to-landline product, with continued progress of its new product ‘Secure Mobile Messaging’.

The company made full provision of £1.8m for subsidiary indebtedness to the parent company, it confirmed.

At 1530 BST, shares in Messaging International were up 50.77% at 0.49p.