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Mobile Streams happy with progress away from Argentina

Mobile Streams’s ad-funded MobileGaming.com service is now also live in the UK and Australia
Mobile Streams happy with progress away from Argentina
Mobile Streams now has access to 600mln mobile phone users in India

-- adds share price --

Mobile Streams (LON:MOS) shares climbed as it confirmed its  move away from Argentina was gathering momentum.

Annual revenues were again affected by the slide in the value of the Argentine peso.

The new government relaxed currency controls soon after coming to power last year.

As a result, revenues at the app store specialist dropped to £8.1mln (£18.5mln) in 2015, with a small underlying loss now expected for the year compared to a profit of £313,000.

The company had cash of £1.5mln at the year-end with no debt but will write down its Argentine assets by £700,000.

India has been the main target for the group’s expansion and after a billing connectivity agreement recently, it now has access to 600mln mobile phone users.

Mobile Streams’s ad-funded MobileGaming.com service is now also live in the UK and Australia after being launched initially in Argentina, India and the US and is due to come on stream in Mexico shortly. Expansion plans in Nigeria are now on hold, however.

Technical enhancements introduced recently include a download manager for areas with patchy cellular coverage, aversion for older Android devices and adding an installable app version of the service.   

Simon Buckingham, chief executive, said Argentina remained by a challenge but he was excited by progress elsewhere and especially in India with both its ad-funded games and subscription services.

Shares rose by 38% to 7.27p, though they had almost doubled shortly after the update was issued.

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