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Mobile Streams upbeat on progress in Brazil and potential in India

Published: 08:12 31 Mar 2015 BST

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Mobile Streams (LON:MOS) remains confident of its first significant deal in India as it diversifies away from Argentina due to its currency woes.

The sharp devaluation of the Argentine peso last year meant pre-tax profits at the smartphone app specialist tumbled to £208,000 (£1.11mln).

Revenues fell to £18.5mln from £27mln, in line with an update in January and reflecting the problems in Argentina, which had now been confronted, said the company.

Mobile Streams’ strategy now is to move away from Argentina and target other emerging markets such as India, Brazil and Africa. The US and European markets are effectively locked out by Apple and Google, it added.

Active or paying subscribers in Brazil now exceed 35,000, while a service in India with one of top three mobile groups remains on course to launch by the end of the year. Agreements have also been signed with two gaming companies in the country.

In Africa, Mobile Streams is focusing on Nigeria, Kenya and Ghana.

“These results are in line with the board´s expectations as communicated to the market. We remain excited about opportunities to grow our presence during financial year 2015, particularly in Brazil and India,” said the company.”

The company had £3.2mln of cash at the year end with no debt. Of this, £0.9mln was held in Argentina.

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