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Mobile payments and messaging provider Fonix Mobile upgraded its outlook on core earnings following better-than-expected performance in the first half of the year.
'Gross profit and adjusted EBITDA in H1 FY21 have grown ahead of management's expectations. As a result, the board now expects adjusted EBITDA for the year ending 30 June 2022 to be comfortably ahead of management expectations,' the company said.
For the six-months ended 31 December 2021, Adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, in the period grew by 20% to £5.5 million year-on-year, while gross profit in the period grew by 20% to £7.0 million.
'With high levels of repeating revenue and client retention, expanding international reach, and a growing pipeline of client prospects across all sectors, the board continues to be confident in the growth potential for Fonix going into H2 FY22 and beyond,' the company said.
The company intended to report its interim results for the period ending 31 December 2021 on Monday 14 March 2022.