Marine safety equipment manufacturer Mobilarm says it is likely to become cashflow positive in financial year 2012 after reducing its operating loss by 34 per cent to $4.1 million for the year to June 30.
Mobilarm said its revenue grew 77 per cent to 941,701, up from $530,704 the previous year.
Its orders increased to $1.3 million, a 115 per cent jump compared to the previous year.
Over the year Mobilarm successfully acquired UK0based Marine Rescue Technologies and Sea Marshall, to enhance its product line and build its presence in Europe, particularly for oil and gas operators in the north sea.
“The previous year has seen steady growth for Mobilarm and we are pleased to have strengthened our revenues and significantly built our order pipeline,” Mobilarm chief executive Lindsay Lyon said in a statement.
“Mobilarm’s outlook remains strong and we expect to see continued revenue growth, reduced operating loss and to become cash flow positive in the coming year.”
At 12:21PM (WST) Mobilarm’s stock was steady at 5.9 cents.
