MoPowered, which listed on AIM in December last year, raising £4m in the process (see here) has today published a pre-close trading update for the year to December 2013. MoPowered's SaaS platform provides online retailers with mobile-optimised m-commerce capabilities. The update shows that the last two months of 2013 were very busy, with more than 20 new names being added to the list of contracted clients which now numbers 127.
The company’s management team has been supplemented by the addition of an experienced Sales Director and Chief Product Officer (ex-Google). The expectation is that new customer acquisition will remain high (with plans to expand into Europe this year) and product enhancements will reduce the marginal costs as new customers are added to their cloud-based service and thus improve gross margins (which fell in 2013).
The increasing importance of mobile as a channel for commerce, with ever higher expectations in terms of customer experience, should ensure that the company’s momentum is sustained. Revenue for the year to December 2103 will show growth of 33% on 2102 to over £1m. However, given the £6.5m raised last year and the visibility resulting from the AIM listing, there is still a lot of hard work to be done. We will continue to watch with interest.