The Harrogate-based firm, which can turn mobile phones into walkie-talkies, saw its total revenue decrease by 27 per cent to £2.53m for the year ended December 31, 2020, down from £3.45m the previous year.

Recurring revenues remained largely unchanged at £2.04m despite a highly uncertain global economic environment. However, non-recurring revenues decreased by 65 per cent to £490,000.

Gross profit decreased by 26 per cent to £2.35m with the firm reporting a loss after tax of £1.14m.

Jeremy Fenn, chairman of Mobile Tornado, said: “Notwithstanding the unique challenges that 2020 presented, I am pleased with the resilience the business has exhibited, and the financial results that were delivered.

“More importantly, we retained and expanded our global network of partners, and have entered 2021 with a strong pipeline of potential new customers.

“We will continue to innovate around the platform, but our core focus now is to scale the recurring revenue base, to drive the business to sustained profitability.

“There are clear signs that activity levels within our key markets are picking up and we look forward to the business getting back on track and delivering a positive outcome for the current year.”