Last checked at 20 Jan 2010 07:00
20th January 2010
Mobile Streams Plc
("Mobile Streams", the "Company" or the "Group")
Trading Statement
Mobile Streams Plc (AIM: MOS), a leading global retailer of mobile content, is pleased to provide the market with the following business update for the year ended 31 December 2009.
During the year the Group focused on its core mobile content retailing business, launching services on the mobile internet as well as smartphone platforms to supplement its distribution through mobile operators. The conversion of visitors to customers through all distribution channels remained a core driver of the business. This approach has resulted in a further shift in revenues in the second half of the year from mobile operator services to mobile internet services. Mobile internet revenues for the 4th quarter of 2009 accounted for around 15% of the Company's total revenues, up from 9% for the first half of the year.
Full year revenue is expected to be in excess of £7m and the Board anticipates that Trading EBITDA (calculated as profit before tax, amortisation, depreciation, share compensation expense and impairment of assets) will be positive for the second year in a row.
Year end cash balances were approximately £1.7m (compared to £2.1m as at 30 June 2009) reflecting the one-time settlement of prior year tax liabilities and investment in new mobile applications and services for distribution on smartphones.
CEO Simon Buckingham commented:
"Mobile Streams is delighted to have ended 2009 with a positive Trading EBITDA despite the challenging economic environment and ongoing industry transition from traditional mobile operator service provision. In 2010, these trends are expected to continue as we proportionately increase our revenues from retailing content and apps on the emerging mobile internet. This growth, together with continued cost control, will ensure that we protect our cash reserves in 2010, enabling us to take advantage of commercial and development opportunities as they arise.
We are excited about the future of the industry and the Company's prospects and believe that we are in the right place at the right time with our expertise, relationships and technology to take advantage of the rapid growth in the mobile internet going forward. "
Enquires:
Mobile Streams +44 1442 560029
Simon Buckingham, Chief Executive Officer
Ian Brewer, Chief Financial Officer
Nominated Adviser
Grant Thornton Corporate Finance +44 20 7383 5100
Philip Secrett
Broker
Singer Capital Markets Limited +44 20 3205 7500
Jeff Keating
About Mobile Streams
Mobile Streams is a leading retailer of mobile content on the mobile internet globally through its flagship www.ringtones.com brand and works with some of the world's largest mobile network operators and media companies to mobilize and monetize their content.
Mobile Streams operates subsidiaries in North America, Europe, Latin America and Asia and has approximately 70 employees.
For more information, please go to www.mobilestreams.com.