10th Nov 2016 09:39
LONDON (Alliance News) - Emerging markets-based mobile media company Mobile Streams PLC on Thursday said it swung to a loss in the year to the end of June as issues in its Argentinian business meant revenue fell by more than half.
Mobile Streams warned throughout its financial year that the devaluation of the Argentine peso would hit its business hard, given Argentina is the firm's core market, and that effect was magnified by a slowdown in the firm's mobile subscription business in the country.
On Thursday, it said it made a GBP740,000 pretax loss in the twelve months to the end of June, from a GBP830,000 profit a year before, as revenue fell 56% to GBP12.8 million from GBP29.1 million.
The firm said its focus is now on expanding its business in India, having launched its Mobilegaming.com site in the country in February.
"Operations in Argentina were extremely challenging in the year under review. However, this also presents us with an opportunity as we look to refocus our business and continue to develop our ad-funded games service and subscription services in India," said Simon Buckingham, chief executive of Mobile Streams.
Shares in Mobile Streams were down 25% to 10.27 pence on Thursday, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Mobile Streams