Trading Update

RNS Number : 6504P

Mobile Streams plc

21 July 2010

 



21 July 2010

Mobile Streams Plc

("Mobile Streams", the "Company" or the "Group")

Trading Update

Mobile Streams Plc (AIM: MOS), a leading global retailer of mobile content, is pleased to provide the market with the following business update for the half-year ended 30 June 2010.

During the first half of the year, Group revenue from Operator Services remained stable whilst Mobile Internet revenues tripled, driven by a particularly strong performance in Latin America. By the end of the period, revenues from the Mobile Internet were only slightly below those from the Mobile Operator segment.  This marks a successful evolution of the Company which at the time of the IPO in 2006 derived 100% of its revenues from providing content through and to Operators.

Half-year revenue is expected to be in excess of £4.2m, up c23% from the second half of 2009 and c20% from the same period last year. The Board anticipates that Trading EBITDA* will be in excess of £100,000 and the Company will report a small profit after taxation.

Cash balances at 30 June 2010 were approximately £1.4m (compared to £1.7m at 31 December 2009).  The reduction is mainly due to the investment in the research and development of Appitalism.com, an app community and commerce website, expected to launch in the next few weeks.

Simon Buckingham, CEO, commented:

"Mobile Streams is well positioned to take advantage of the rapidly growing interest in smarter mobile devices thanks to a decade of investment in our technology platform, content library, geographic footprint and customer relationships.

We expect the current industry trends to continue in the second half of the year. We look forward to updating the market further on the launch of Appitalism when we release our full interim results in September."

*Trading EBITDA is calculated as earnings before interest, tax, amortisation, depreciation, share based compensation and asset impairments.

Enquires:

Mobile Streams                                                                    [phone]

Simon Buckingham, Chief Executive Officer

Ian Brewer, Chief Financial Officer

Nominated Adviser

Grant Thornton Corporate Finance                                   [phone]

Philip Secrett

Broker

Singer Capital Markets Limited                                          [phone]

Jeff Keating

About Mobile Streams

Mobile Streams is a leading retailer of mobile content on the mobile internet globally through its flagship www.ringtones.combrand and works with some of the world's largest mobile network operators and media companies to mobilise and monetise their content.

Mobile Streams operates subsidiaries in North America, Europe, Latin America and Asia and has approximately 70 employees.

For more information, please go to www.mobilestreams.com.

 

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