Funding extension secured by Mobile Tornado

Mobile Tornado, a Harrogate-based mobile applications business, has secured additional funding through an extension to its revolving credit facility.

The facility with InTechnology has been extended for a further 12 months until 26 September 2021 and provides a maximum principal amount of £300,000.

Mobile Tornado has also revealed that that Hubbcat, its partner in the Caribbean, has successfully deployed a Covid-19 quarantine track and trace program, utilising the company’s PTT system, with the Government of The Bahamas.

Chief executive Avi Tooba, commented: “The solution is proving extremely cost-effective as it eliminates the need for physical policing and regular visits to quarantined individuals.

“The system is rapid to deploy, highly scalable and has been readily adopted by the quarantined population, patients, and tourists. We are working closely with Hubbcat, and other partners, to explore similar requirements in other territories.”

The announcements were made alongside the company’s interim results. Mobile Tornado reported an adjusted EBITDA loss of £340,000 for the six months to 30 June 2020, compared to £290,000 in the same period of 2019.

Total revenue decreased to £1.29 million from £1.49 million the year before, but recurring revenues increased by 3 percent to £1.01m.

Jeremy Fenn, chairman of Mobile Tornado, said: “Having delivered our first EBITDA profit in the second half of 2019, it’s obviously disappointing to slip back into losses during the first half of 2020. However, we have been operating in unprecedented times and no one could have predicted the difficulties this would present in closing out new commercial deals.

“We have been able to limit these losses through a robust recurring revenue stream and a continued focus on our operating cost base, which has been further reduced given the increasing efficiencies of our platform.”