Synchronica Narrows 2009 Loss But 2010 Sales Conversion Slow

8th Jun 2010 07:51

LONDON (Dow Jones)--Mobile software provider Synchronica PLC (SYNC.LN) Tuesday posted a narrowed full-year loss, but said that while its 2010 sales pipeline is at a record high, conversion of orders into sales has been slower than expected. This has resulted in less cash than expected coming into the business, although Synchronica said it has sufficient funds to meet its present requirements. Its directors also consider its sales pipeline sufficient to meet market expectations for the year, provided that conversions into revenue speed up. Synchronica's 2009 pretax loss narrowed to GBP3.2 million from GBP6.5 million a year earlier. Its operating loss halved to GBP3.2 million from GBP6.5 million, while revenue ticked up slightly to GBP3.8 million from GBP3.7 million. However, as previously announced, the revenue performance fell below its initial expectations of GBP5.1 million, following a delay in signing a contract. Synchronica said it expects to add to recent contract wins and hopes to capture significant market share with its Mobile Gateway 5 product, which offers instant messaging and social networking connectivity as well as push email and synchronization for any mobile phone. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires June 08, 2010 02:51 ET (06:51 GMT)