Mobile Streams plc Trading Statement (1238V)
January 26 2017 - 2:00AM
UK Regulatory
TIDMMOS
RNS Number : 1238V
Mobile Streams plc
26 January 2017
26 January 2017
Mobile Streams plc ("Mobile Streams" or the "Company") (AIM:
MOS)
Trading Statement
Mobile Streams is pleased to update its shareholders on its
progress for the six months ended 31 December 2016.
Highlights
-- Subscriber numbers in India exceeded 100,000 active
subscribers and have since risen to over 130,000 during January
2017
-- Successful fundraising of GBP2.2m (before expenses) to fund growth in India
-- GBP2.8m of cash and cash equivalents at 31 December 2016 (31
December 2015: GBP1.5m), with no debt
-- Trading during the first half of the financial year was in
line with expectations and unaudited revenues were approximately
GBP3.6m (H1 2015: GBP8.0m). All revenue is from continuing
operations
Commenting, Simon Buckingham, CEO of Mobile Streams said: "The
successful fundraising of GBP2.2 million gross proceeds completed
at the end of the period is enabling us to both continue and also
accelerate our strategy of building subscribers and revenues in the
Indian market during calendar year 2017. Whilst Argentina remains a
challenging place to do business, we expect India to continue to
grow steadily throughout 2017 as we focus on and invest in the
market."
Business update
By the end of the calendar year, the Company's local subsidiary,
Mobile Streams India Private Limited, exceeded the important
milestone of reaching 100,000 active subscribers to its
MobileGaming.com games subscription service. Subsequently, the
active subscriber base has climbed to more than 130,000 active
subscribers as at the date of this announcement. Active subscribers
are measured as consumers who have made a purchase from the Company
in the country in the past 60 days. For like-for-like
comparability, this is the same methodology the Company uses to
measure subscribers in its other markets such as Argentina.
Most of the growth in active subscribers to date has been driven
by subscription growth enabled by billing connections for the three
largest local mobile phone operators. The Company is working to add
additional direct billing connections to two additional local
Indian mobile network operators, each with approximately 100
million subscribers. The Company is also working to launch its
browser based games service to compliment its app download service
in India. These launches are expected to happen over the next few
months.
During the first half of its financial year, the Argentine
market where the majority of the Company's current operations
reside continued to be challenging as a result of general market
conditions as well as regulation in the local market for mobile
content subscriptions. As such, Mobile Streams continued to execute
on its strategy of building up its operations in India, which the
Company feels has the biggest potential to generate shareholder
returns.
Enquires:
Mobile Streams
Simon Buckingham, Chief Executive Officer +1 347 669 9068
Enrique Benasso, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)
Alex Price +44 20 7496 3000
Alex Laughton Scott
This information is provided by RNS
The company news service from the London Stock Exchange
END
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