Anoto Group’s (STO: ANOT) second quarter did not go well. Net sales of 40 million Swedish kronor were down 20% compared to 2010 level and even more compared to 59 million in Q1. Second quarter EBITDA was 7 million on the minus side. Anoto says that since Q2 was worse than expected, the company is not likely to have a positive cash flow during the ongoing quarter either. The share was down 16,41% today.
On Monday Anoto reported a majority stake purchase in Destiny Wireless Ltd. Anoto says it is the first step in consolidating with some of the company’s software platform partners to gain synergies and economies of scale. Anoto has also announced the establishment of a joint venture for product and business development with TStudy (JV of TStone Corp and Amicus Wireless Technology) in Korea. Full interim report is available here.
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