26th Jan 2017 10:13
LONDON (Alliance News) - Mobile Streams PLC on Thursday said trading in its first half was in line with its expectations, as revenue more than halved after it continued to grow subscribers in India to counter a challenging market in Argentina.
The company expects to report revenue of GBP3.6 million for the half year to the end of December, compared to GBP8.0 million the prior year.
The market in Argentina, where a majority of its current operations reside, continued to be challenging due to general market conditions and regulation on mobile content subscriptions.
Mobile Streams has been working to build operations in India as a means of tackling this, and by the end of calendar 2016 its local subsidiary in India reached 100,000 active subscribers. Since then it has climbed to more than 130,000 active subscribers to date, Mobile Streams said.
During the half the company raised GBP2.2 million in order to help drive this growth.
"The successful fundraising of GBP2.2 million gross proceeds completed at the end of the period is enabling us to both continue and also accelerate our strategy of building subscribers and revenues in the Indian market during calendar year 2017. Whilst Argentina remains a challenging place to do business, we expect India to continue to grow steadily throughout 2017 as we focus on and invest in the market," said Chief Executive Officer Simon Buckingham in a statement.
Shares in Mobile Streams were up 3.2% at 4.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2017 Alliance News Limited. All Rights Reserved.
Related Shares:
Mobile Streams