OREANDA-NEWS. Myriad Group AG today released preliminary financial information for the first half-year, ending June 30, 2016. The Company expects to report revenue of USD 7.7 million compared to USD 9.7 million in the second half of 2015. The main drivers of the decrease from 2015 were the continued decline in revenue from the legacy Device Solutions business, alongside delayed key contracts from the newly repositioned Myriad Connect division, some of which materialised after the period end. The Company’s cash at June 30, 2016 was USD 30.0 million (USD 37.8 million at December 31, 2015).

Stephen Dunford, CEO of Myriad Group said: “In this first six months we have achieved important milestones in our transition towards a diversified model that aims to capitalise on the continued growth of mobile communications in both developed and emerging markets. Notably, we have repositioned the Myriad Connect business and are encouraged by the progress we have seen. We are mindful that our growth plans, coupled with on-going declining revenues in the legacy Device Solutions business, pose significant challenges. As we have previously discussed, the Device Solutions segment is impacted by the rapid market shift towards low cost smartphones. Despite the accelerated investments in our other business divisions to reinforce the pillars for future revenue growth of the Company, we are not yet able to offset the revenue decrease in our legacy business.”

Stephen Dunford continued: “We are managing the Company prudently to leverage the promising potential of both the Versy social platform and the Myriad Connect business, and we are diligently managing our cost base and cash reserves to provide resources for their growth.”

In February 2016, Myriad created the Myriad Connect division, and extended its portfolio with advanced solutions for Mobile Network Operators (MNOs), content providers and financial services organisations. Today, these solutions enable MNOs and enterprises worldwide to connect to ‘no data access’ consumers through innovative and compelling services. This is particularly key in emerging markets where the cost of data access is still beyond consumers’ reach. Myriad Connect is now accelerating that transformation, with the aim to make it as simple as possible for enterprises worldwide to launch mobile services in multiple countries and across all relevant mobile channels, whether it is creating One Time Passwords in support of mobile app activation, or presenting targeted mobile offers to their customers.

Myriad Group AG (SIX Swiss Exchange: MYRN) is a software company that helps create and connect communities across mobile. Myriad delivers consumer OTT messaging applications, mobile operator messaging services, and embedded software to leading OEM’s, mobile operators and pay TV providers worldwide.