Gulf starts at Sheikh Adi-2 25/05/2012
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Coms pares interim loss
Jason Drummond, executive chairman of AIM-listed Coms
Business internet telephony provider Coms plans a new iPhone application after reducing first-half losses 39 per cent to £219,000.
The AIM-quoted company increased turnover 29 per cent to £1.9 million in the six months to July and, having implemented a series of cost cutting measures such as consolidating product lines, is 'on course to become profitable in the near term', according to executive chairman and major shareholder Jason Drummond.
He says London-based Coms, whose products and services are aimed at enabling customers to cut call costs and increase productivity, hopes imminent public spending cuts will help it win larger contracts in the public sector. The company, which has a new division to support Microsoft's 'Office Communications Server', recently won a deal with the Wandsworth Health Authority.
Drummond argues Coms stands to benefit from selling enabling technology, including handsets, videophones, conferencing equipment and internet gateways to customers using Microsoft Lync as they upgrade their software. He says that, after a good reception for the company's first iPhone application enabling customers to manage their Coms account, it is now developing its first telecoms iPhone application, which is being tested by Apple ahead of a planned launch in the New Year.
Coms, which ended July with £40,000 cash, swelled its coffers with a £340,000 placing in August at a lowly 2.5p. Floated at 2p five years ago, the shares, which were almost 10p a year ago, now trade at 3.25p, valuing the company at an undemanding £1.85 million.
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