Mobile phone services group Zamano has reported pre-tax losses of €13.3m for 2010 as its revenues fell to €15.8m from €25.1m in 2009.

The company said it saw sales fall by 45% in Ireland and by 55% in the UK, but added that there were some signs of stability in the latter half of the year.

Zamano said the key drivers of change in the mobile content sector remain regulation and the adoption of smartphones.

Zamano's chief executive John O'Shea said the company feels that declines in the business have now come to an end and the company is now a stable business which can achieve modest profits.

'2010 was a year of two contrasting halves. In H2, the business was stable, following on from serious declines in H1,' commented company chairman Mike Watson.

'Stability has been maintained into 2011, and a further reduction in the cost base has restored moderate levels of profitability in the core mobile content business,' he added.