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(Alliance News) - Shares in Mobile Streams PLC fell on Monday as its revenue and cash positions declined substantially for its recently ended financial year amid challenging market conditions.
Shares in the mobile entertainment content provider plunged 43% at 0.13 pence on Monday.
For the year to the end of June, Mobile Streams said its loss before interest, taxes, deprecation and amortisation narrowed to GBP1.0 million, compared to GBP1.2 million the year before.
However, revenue more than halved to GBP1.3 million from GBP3.1 million the year before, while its cash position as at June 30 was GBP130,000 with no debt, compared to GBP1.0 million.
In India, Mobile Streams said trading was impacted by the merger of the Indian unit of Vodafone Group PLC and rival domestic carrier Idea Cellular Ltd, which was completed at the end of August 2018.
As a result of the merger, several of Mobile Streams's partners were said to generate lower revenues in the financial year.
Meanwhile in Argentina, revenue dropped significantly due to the devaluation of the Argentine peso, as well as limited funds available for working capital purposes.
In April, Mobile Streams implemented a cost reduction strategy resulting in a significant reduction in headcount following a "recent" fall in revenue, particularly in India.
In addition, the company's chief executive and non-executive directors had volunteered a partial salary deferral of 50% of their respective remuneration.
So far, the rationalisation and cost-cutting exercise has led to one-off redundancy costs and severance payments of GBP400,000 in total since the exercise was first announced.
"Despite the falling revenue and the cost reduction actions implemented, the company continues to focus on potential business development opportunities and financing initiatives in order to ensure that the company has sufficient working capital to support its commercial activities for the foreseeable future," said Chief Executive Officer Simon Buckingham.
Mobile Streams expects to publish its final results in December.