Last checked at 21 Jul 2009 07:00
21 July 2009
Mobile Streams Plc (the "Company")
Trading Update and Directorate Change
Mobile Streams Plc ('Mobile Streams' or 'the Company') announces a trading update ahead of its 2009 interim results release on 22nd September 2009.
During the first half of 2009, the Company generated a small trading profit*, in line with the performance of the same period last year. First half revenues were slightly down compared to the second half of 2008 and fell by approximately 23% from the same period of last year as the expected restructuring of the mobile content business continued, with the shift from mobile operator services to mobile internet services. Mobile internet services contributed approximately 9% of the Company's revenue in H1.
In the first half of the year, Mobile Streams made considerable progress in launching new mobile internet services, with profitability achieved for the first time from the UK services, combined with several new launches and progress made in the Company's other key markets. The Company is pleased with the initial results achieved from its mobile internet launches in markets such as Argentina. Mobile Streams sees considerable new opportunities for mobile content services as the market evolves given its strong relationships with operators for billing and distribution and comprehensive content library, coupled with proprietary technology and global footprint. The Company is exploring new mobile internet opportunities for smartphone platforms such as the Apple iPhone and Google Android.
Cash balances at 30 June 2009 were £2.1m; compared to £2.3m at the midpoint of 2008.
\* Trading profit is calculated as earnings before interest, tax, amortization, depreciation, share based compensation and asset impairments/revaluations.
The Company also announces today that James Colquhoun, Finance Director, is resigning with effect from 1 September to pursue a new opportunity in branded content distribution with GoViral. He will remain with the Company for a short period beyond 1 September in order to assist in an orderly transition.
The company is actively pursuing the appointment of a successor and a further announcement will be made in due course.
Commenting on James Colquhoun's departure, Simon Buckingham, CEO of Mobile Streams said: "I would like to thank James for his hard work and support during what has been both a challenging and exciting phase in Mobile Streams' life. James leaves Mobile Streams with a strong global finance team and robust controls. On behalf of the Board and all his colleagues, I would like to wish James every success in his new role."
James Colquhoun added: "I have thoroughly enjoyed my time with Mobile Streams and believe I am leaving the Company in good financial health. I would like to wish the Company and all those involved the best for the future."
Enquires:
Mobile Streams +44 20 7665 8240
Simon Buckingham, Chief Executive Officer
James Colquhoun, Finance Director
Nominated Adviser
Grant Thornton UK LLP +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.