25th Sep 2014 08:35
LONDON (Alliance News) - Mobile Streams PLC Thursday said it now expects higher revenue than previously forecast for the financial year ended June, but earnings before interest, tax, depreciation and amortisation of GBP740,000, only a fraction of what it recorded the prior year.
The mobile media company said in a statement in July that revenue and earnings for the year to the end of June would be behind the previous year due to the weakening of the Argentine peso and marketing expenses. At the time it also said that although it will see positive earnings before interest, taxation, depreciation and amortisation, it will be "significantly reduced" compared to the previous year.
Mobile Streams said Thursday that it will now report full-year revenue of GBP48.5 million, and Ebitda of GBP740,000.
In the year to June 30, 2013, the company reported Ebitda of GBP5.2 million.
"The auditors have conducted a detailed analysis on foreign exchange movements and the final numbers are based on around GBP1 million of foreign exchange losses," the company said in a statement.
It said it had approximately GBP3.2 million in cash on hand at the end of August, of which 17% is held in Argentina, with no debt.
The company said it will release its full-year results in early October.
Mobile Streams shares were trading 3.7% higher Thursday morning at 16.73 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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