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Mobile Streams shares triple as India business booms

Its Indian subsidiary has exceeded the important milestone of reaching 50,000 active subscribers, or those customers that have bought from the firm in the last 60 days.
Mobile Streams shares triple as India business booms
Mobile Streams provides products for mobile phones

It's not Formula One but shares in Mobile Streams Plc (LON:MOS) took pole in London and more than tripled in value as it made serious in-roads into the Indian market.

Shares in the  app and content provider for mobile phones  surged over 231% to 13.25p having closed yesterday at 4p.

Its Indian subsidiary has exceeded the milestone of reaching 50,000 active subscribers, or those customers that have bought from the firm in the last 60 days.

Moreover, Mobile expects to add billing connectivity to the next three largest network operators in India before the end of 2016, which has the potential to increase the addressable audience from the current around 600mln mobile users to around 900 million such users.

Chief executive Simon Buckingham said: "Whilst we are still in the investment phase and there is still some way to go before our operations in India will be breakeven on a cash basis, we are now at a point where we have a good understanding of our key metrics such as subscriber acquisition costs and lifetime subscriber values.

"We will continue to update shareholders with our progress as and when we reach further milestones as we have done previously with other markets such as Latin America."

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