Shareholders in Zamano have been told that the company has made “good progress” over the last 12 months.

Earnings before interest depreciation tax and amortisation (ebidta) and gross profit improved in the first half of this year, although revenue continued to fall. Revenues at the Dublin- headquartered mobile data services were down 10 per cent on the second half of 2010, althoughh it said it expected revenue growth to resume in the fourth quarter of this year.

Zamano’s net debt stands at €3.4 million.

The company has been battling falling revenues over the last number of years as the smartphone has increased in popularity and regulatory demands have intensified.

This led to significant restructuring in the business. The company now comprises three divisions: Everneo, which sells mobile content and interactive services to consumers, Zamano Solutions Ltd, which provides business-to-business services to clients including Permanent TSB, 3 and Setanta Sports, and Newsworthie, its most recently established division, which assists newspapers in monetising their online content.