StockMarketWire.com - Tech and media company Frontier reported annual pre-tax losses widened as revenues fell by more than a fifth amid weaker digital radio sales.

For the year ended 31 December 2018, pre-tax losses widened to $3.3m from $2.1m a year earlier, and revenue fell 21% to $41.8m.

The drop in revenue was largely due to 'the completion of FM switch-off in Norway in 2017 and the subsequent inventory overhang, which together contributed to a decline in FY 2018 Digital Radio volumes of one million units (US$11.1 million),' the company said.

Smart Audio, meanwhile, failed to grow in line with expectations due to 'the intense price pressure exerted by first party eco-system players but still recorded revenues of US$6.1m,' it added.

The company said it expected an improvement in Trading earnings (EBITDA) for 2019.

Digital Radio volumes were expected to return to 'modest growth,' Frontier said. 'In the medium term (late 2019 through 2020) the prospects for radio are good with the planned phasing in of DSO in Switzerland and receiver regulations coming into force in Italy and Franc'.

'The Licensing business for Smart Audio is starting to gain traction with our first contracted revenues signed in Q1 2019. Non-audio IOT is also starting to look interesting for Frontier and I hope to bring more news in this area in the first half of 2019.'


At 9:01am: [LON:FST] Frontier Smart Technologies Grp Ltd share price was -2p at 32.5p



Story provided by StockMarketWire.com