Mobile Tornado to Raise £425k in Strategic Share Placing

Mobile Tornado Group plc, a Harrogate-headquartered company specializing in push-to-talk mobile communications, is set to raise £425,000 through a share placement. The new shares are priced at 2 pence each, representing around 5.1% of the company. The fundraising aims to consolidate the company's research and development centers and bolster its business development initiatives, particularly in the Asia-Pacific region. A new business development manager has been appointed in Taiwan to spearhead this regional expansion. Despite a reported 16% decline in revenue and a pre-tax loss for the first half of 2024, Mobile Tornado is optimistic about scaling its sales operations. The company is engaging with potential partners and customers in South America, Africa, and the Middle East, with significant interest in the APAC market. The consolidation of R&D operations is anticipated to be completed by the fiscal year's end, reducing operational costs while supporting growth.