Last checked at 4 Nov 2014 10:30
AGM Statement and Trading Update
4th November 2014
At its Annual General Meeting which is taking place today at 12.00 noon at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU, Mobile Streams plc ("Mobile Streams" or the "Company") will provide the following update to its shareholders:
"As announced in the audited Financial Results for the Year Ended 30 June 2014, released on 10th October 2014, the Company continues with its strategy of diversifying its revenues into new markets beyond Argentina. Other Latin American markets in particular Mexico, Brazil and Columbia are expected to contribute to this diversification. Any further devaluation of the Argentinian peso would have a negative impact on the Company's future performance. Additionally, the Company continues to launch its mobile internet services into new emerging markets, such as Africa, Asia and India. The Company has to date executed five agreements covering various African markets. These diversification plans will require investment during the rest of the year, which will be reflected in reduced short-term profitability.
Our Mobile Internet subscription business continues to be robust. As of mid October, Argentina represented around 92% of the mobile internet subscriber base, whereas the Company's second largest market Mexico represented around 5% our subscriber base. Colombia and Brazil constitute the remainder of the subscribers, along with a small subscriber base in Uruguay. New emerging markets such as those in Asia and Africa and India are yet to contribute any significant subscriber numbers and the Company would expect this to happen in Financial Year 15-16 at the earliest. Following the recent launch of new products on new local networks, the Company is currently experiencing strong growth in its subscribers numbers in Brazil, with more daily net subscriber additions currently being added in Brazil than in our second largest market of Mexico".
Enquires:
Mobile Streams +1 646 812 4749
Simon Buckingham, Chief Executive Officer
Nominated Adviser and Broker
N+1 Singer +44 (0)20 7496 3000
Jonny Franklin-Adams