Fonix flags strong start to financial year

19th Nov 2024 12:36

(Sharecast News) - Mobile payments and messaging specialist Fonix reported a strong start to its new financial year in an update on Tuesday.

The AIM-traded firm, which was holding its annual general meeting, said performance across the UK and Ireland aligned with expectations, driven by high levels of recurring revenue and robust contributions from key clients.

It said it was also advancing its international expansion plans, with interactive services scheduled to launch with several broadcasters in Portugal in early 2025.

That would mark a significant step in Fonix's strategy to broaden its geographic footprint and diversify revenue streams.

Its board said it remained optimistic about the company's growth potential for the rest of the financial year and beyond, supported by a stable revenue base and a strong operational run-rate.

At 1151 GMT, shares in Fonix were down 0.86% at 230p.

Reporting by Josh White for Sharecast.com.