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MGM Wireless beats own profit forecast

MGM Wireless beats own profit forecast

School SMS services provider MGM Wireless (ASX:MWR) has reported a better-than-expected 1H profit of $45,000.

Revenue grew 18% to $1.2 million, with sales up 7% to $1.1 million

The company had previously estimated it earned a 1H profit of between $30,000 and $40,000, from revenue of $1.2 million.

The result compares to profit of just $4,800 in 1H10, and indicates that the company's multi-year messaging subscription structure was beginning to pay off, MGM Wireless said.

The company also significantly reduced its debts after paying a final $260,000 to a former distributor.

MGM Wireless said its recent successful patent application set the stage for it to launch its School News Channel SMS update platform in Australia in the first half of the calendar year.

The funds from its share purchase plan will go towards the development and commercialisation of this and other products.

MWR shares grew 14.29% on Thursday to $0.008.

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Tags patentsfinancial resultsMGM Wirelesscapital raisingASX:MWR

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