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LONDON (Alliance News) - Shares in Mobile Streams PLC are trading up Thursday morning, despite the sharp devaluation of the Argentinian peso in January last year hitting its half-year results, as it detailed its plans to expand into India and Africa.
The mobile content company expects to post earnings before interest, tax, depreciation and amortisation for the six months ended December 31 "significantly" reduced from the GBP1.2 million it posted in the same period the previous year, on revenue of GBP18.5 million, down from GBP27 million.
Some 86% of the company's revenues were generated in Argentina during the period. The company is working to diversify away from Argentina, and noted that it has continued to make progress in Brazil. Active subscribers in Brazil are now over 35,000, Mobile Streams said.
Mobile Streams said that opportunities in formerly core regions, the US and Europe, are limited, due to the high penetration of Apple Inc, and mobile operator billing partnerships with Google Inc. As a result, it has opted instead to focus on India and Africa, which have a "relatively nascent smart-phone market."
It has begun discussions with three mobile operators in India and expects to launch mobile internet services in the country before the end of the year. It has also signed deals with two partners who provide game services for phone manufacturers in India.
In Africa, it is initially focusing on Nigeria, Kenya and Ghana. In January it signed an agreement to provide applications and games to a Nigerian mobile operator, extended its agreement with an existing partner, and signed a strategic agreement to distribute mobile content for mobile internet services in Africa.
"Our strategy to offer our mobile internet services in large emerging markets is progressing. We remain excited about opportunities to grow our presence during calendar year 2015, particularly in Brazil and India," said Chief Executive Officer Simon Buckingham in a statement.
Shares in Mobile Streams are trading up 8.6% at 11.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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