Trading Statement

RNS Number : 4237C

Mobile Streams plc

30 April 2012

 

1st May 2012

Mobile Streams plc

("Mobile Streams" the "Group")

                                                                                           Trading Update

London (AIM: MOS) Mobile Streams is pleased to update its shareholders on its trading performance since the publication of the Company's Interim Results on March 29th 2012.

Trading has been ahead of the Company's expectations, with March revenues growing strongly from prior month levels. The Company continues to benefit from increasing numbers of subscribers to its Mobile Internet services.

Additionally, the Company wishes to advise its shareholders that it expects to make a one-time booking of approximately 1.7m GBP in additional revenues and approximately 586,000 GBP in additional pre-tax profits which will impact the current accounting period. We expect 58% of the revenues to be recorded in the first half of our fiscal year and 42% in the second half and 61% of the pre-tax profits to be recorded in the first half of our fiscal year and 39% in the second half.

Part of this adjustment relates to the fact that our subsidiary in Argentina contracts with some of that country's largest network operators that provide for periodic bonus payments to be made to the Company based on financial performance. The reconciliation of these bonus payments for 2011 has recently taken place, which has contributed to a positive adjustment in the Company's financial results. Furthermore, additional revenue reconciliations were performed resulting in a positive impact on revenues being booked in the Argentinean subsidiary. There is no cash impact as a result of these adjustments.

As discussed in our Unaudited Interim Results for the 6 months ended 31 December 2011 a large percentage of the Group's cash is located in Argentina where market wide currency control rules have been implemented in 2012 to regulate the withdrawal of funds from the country. Efforts to achieve a resolution are ongoing, a further announcement will be made in due course.

Enquires:

Mobile Streams                                                                                              [phone]

Simon Buckingham, Chief Executive Officer

Gabriel Margent, Chief Financial Officer

Nominated Adviser and Broker                                                                 [phone]

Singer Capital Markets Limited

Jonathan Marren

 

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