Fonix Mobile shares rose 4.5% to 159.9p in late afternoon trading on Thursday on the back of a 16.5% revenue growth to £13.2 million in FY 2022 compared to £11.3 million in FY 2021.
The company announced a 16.3% increase in adjusted EBITA to £10.3 million against £8.8 million in the previous year.
Fonix Mobile further noted revenue and profit growth in line with management expectations, along with continued generation of strong underlying cash flows.
The telecommunications group reported total payment volumes of mobile payments climbed 11% year-on-year to £258.6 million compared to £233.4 million, including a record £35 million in payments over a single month.
The company highlighted continued customer growth across all sectors, with 123 active customers by the end of the year, representing a net increase of 11% from 111 active customers the last year.
It also launched interactive services with an unnamed broadcaster in the Republic of Ireland in the last few weeks of the financial term, contracting the firm directly with all major mobile operators in Ireland, with several clients scheduled to go live in FY 2023.
Fonix Mobile confirmed its three business segments of payments, messaging and managed services each expanded by at least 14% in FY 2022, with the group holding a “robust” pipeline of prospects going into FY 2023.
The firm announced an expected rise in revenue in FY 2023 and beyond, particularly in newly established international markets.
“We’re hugely proud of our progress over the last year, successfully launching services in new territories and continuing to achieve record levels of profitability,” said Fonix Mobile CEO Rob Weisz.
“We’re particularly delighted with the progress made in the Republic of Ireland to date and whilst a relatively small market, it provides us with an exciting blueprint for establishing a solid international strategy to expand into other new markets.”
“Our key business segments have each grown strongly throughout the year and we have continued to optimise margins further, focusing on growth in more profitable product offerings.”