Update on Full Year Results

RNS Number : 5537S

Mobile Streams plc

25 September 2014

 



Update on Full Year Audited Results

25^th September 2014

Mobile Streams plc ("Mobile Streams" or the "Company") expects to release its full annual audited accounts and report in early October 2014. Additionally, the Company plans to hold its Annual General Meeting on 4^th November 2014 in London and will make a further detailed announcement regarding the meeting for shareholders shortly.

Audited revenues for the financial year ended June 2014 will be £48.5m. However, audited EBITDA (calculated as profit before tax, interest, amortisation, depreciation, share compensation expense and impairment of assets) will now be £740,000. 

The auditors have conducted a detailed analysis on foreign exchange movements and the final numbers are based on circa £1m of foreign exchange losses. Of this exchange loss, a portion of the adjustment equates to a £240k cash item incurred when moving money out of Argentina earlier in the year. The majority of approximately £750k is a non-cash item caused by the revaluation of Argentina-based assets and liabilities into GBP as a result of that country's currency devaluation. The Company had approximately £3.2m in cash on hand at the end of August 2014, of which 17% is held in Argentina, with no debt.

Enquires:

Mobile Streams
Simon Buckingham, Chief Executive Officer	[phone]
Enrique Benasso, Chief Financial Officer
N+1 Singer (Nominated Adviser and Broker)	[phone]
Jonny Franklin-Adams
Richard Salmond

 

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