Mobile data services provider Zamano has announced a pre-tax loss of €13.28 million for 2010.

The loss has been attributed to a fall in revenues and a €12.7 million goodwill impairment cost. The company recorded a profit of €1.07 million a year earlier.

Revenue at the firm fell by almost €10 million from just over €25 million in 2009 to €15.8 million last year.

Gross profit almost halved from €8.4 million to €4.6 million year on year with earnings per share falling from €0.13 in 2009 to a loss of €0.141 per share.

"Profit margins came under pressure as the company increased the value of the content sold and experimented in many different channels when seeking new revenue opportunities," Zamano chief executive John O'Shea said.

Mr O'Shea earned €187, 755 last year compared to € 215,746 a year earlier.

Zamano chairman Mike Watson said significant cost reductions had been achieved, after a staff consultation process, and that more recent indications suggested revenues were stabilising.

The number of staff employed fell from 53 to 50 with costs falling from €3.3 million to €2.2 million.

"New opportunities for growth are being actively pursued, based upon re-deploying Zamano's technology and competencies into areas which can benefit from same," Mr Watson said. "This activity is being funded by profits from the core content business."

Cash at the company declined by €4.2 million in 2010, primarily due to €4 million in debt repayments and a loan repayment of €1 million in Q1 2011 reduced gross debt to €4.8 million. Goodwill and intangible assets of €6.8 million are retained on the Zamano balance sheet.