30th Dec 2022 12:29
(Alliance News) - Mobile Streams PLC on Friday said annual loss widened despite revenue multiplying, due to non-recurring charges including bad debt.
The London-based content group specialising in gaming, esports and non-fungible tokens said pretax loss in the financial year that ended June 30 was GBP2.8 million, almost trebling from GBP1.0 million a year earlier. Meanwhile, revenue more than doubled multiplied to GBP1.0 million from GBP395,000.
Shares in Mobile Streams were up 15% to 0.13 pence each in London on Friday at midday.
It said its widening loss despite improving revenue was largely because of GBP1.2 million in non-recurring charges including bad or doubtful debt provisions, amortisation of intangibles, impairment charges related to acquired assets, a loss in fair value on investments and a fair value charge for warrants issued in March.
Mobile Streams declared no dividend for its financial 2022, unchanged from a year earlier.
It said it expects its cash balance on June 30 of GBP1.7 million alongside cash flow to cover the company's operations for the foreseeable future.
It announced an extension of its contract with International Gaming Systems for six months from January. This follows announcing the contract win during its financial 2022, which provided around GBP586,000 in revenue streams.
"The board continues to examine additional sources to broaden the appeal of its content business. The main focus for the current year will be growing and developing the product and sales pipelines for these businesses," said Chair Bob Moore.
By Greg Rosenvinge, Alliance News reporter
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