Mobile phone services company Zamano has reported pre-tax losses of €3.622m for 2008 - a year which saw difficult economic conditions, currency fluctuations and a changing regulatory environment.
The company had reported pre-tax profits of €3.08m the previous year.
However, revenues at the firm jumped by 66% to €41.4m from €24.7m mainly as a result of acquisitions completed in 2007.
The company said that on a constant currency basis, revenue would have grown by 98% to €49.8m, reflecting a €7.4m impact due to the decline in sterling's value against the euro last year.
The group provides mobile and interactive data services and operates two business units. The Business to Business division sells to partners who use the Zamano products to support their businesses. Its revenues fell by 5% to €11.9m mainly due to the weakness of sterling.
The Direct to Consumer division promotes mobile services sales directly to consumers in five countries - Ireland, the UK, Australia, Spain and the US.
Revenues at the division last year grew by 141% to €29.5m on the back of two acquisitions in 2007. The group is still at an early stage in the US market but it can now reach over 90% of the US mobile phone market. It also entered the Spanish market in December.
During the year Zamano said it had it strengthened its position as the largest supplier of messaging services in Ireland and also maintained its top five position in the UK.
The company said that 2009 will be another challenging year for Zamano, but it remains confident that steps it has taken will allow it to take advantage of opportunities in the mobile arena and continue to perform well.
'The board and management are committed to remaining focused on the key drivers which deliver ongoing profitability in a difficult trading environment,' commented company CEO John O'Shea.