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Mobile Streams “well placed” ahead of India launch

Chief executive Simon Buckingham is confident about Mobile Streams' future prospects
Mobile Streams “well placed” ahead of India launch
It is preparing to launch services in India

Mobile Streams (LON:MOS) boss Simon Buckingham says the company is now well placed, amid an ongoing diversification into India and Nigeria.

The mobile software group, which has been affected by the devaluation of the Argentinean Peso, has looked to expand in these two key markets outside of Latin America.

This necessary diversification requires investment through the second half of the year, the company said, and this is expected to have a short-term impact upon profitability.

It also warned that further devaluation of the Peso would also impact negatively on future performance.

Financial results for the year to June 30, released today, show revenues of £29.1mln and earnings (EBITDA) of £1.1mln compared with £48.6mln and £0.7mln respectively in the preceding year.

The company, however, reported a net profit of £0.19mln for the 2015 financial year, versus a £0.5mln loss for 2014.

Mobile Streams ended the financial year with £2.9mln of cash, and had no debt.

Buckingham, founder and chief executive, in the statement said: "We feel that the company is now well placed from a product and market perspective to embrace and extend its longstanding expertise in mobile internet services.

“We are therefore confident about the company's future prospects."

In India, the company is in the process of setting up a new subsidiary and deals have already been agreed with two of the country’s three largest local mobile operators (which have about 350mln mobile customers).

Mobile Streams says once final contracts are in place it expects to launch subscription services.

Meanwhile, in Nigeria it has launched mobile billing with one of the country’s four largest local mobile operators.

Across the business the company has also launched new advertising funded mobile services, including its mobile-based social network and an entirely ad-supported mobile games store - which allows customers to play in return for viewing adverts.

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