Mobile Streams celebrates subscriber numbers while revenue plummets

Emerging markets-focussed mobile media company Mobile Streams reported a quadrupling of active subscribers in its primary Indian market during its financial year on Wednesday, with more than 200,000 members as at 30 June.

The AIM-traded company said since the end of June, active subscriber numbers had grown to more than 250,000.

It said revenues in the period were approximately £5.6m, down from £12.8m year-on-year, and confirmed it made an EBITDA loss.

Cash at year-end stood at £2.3m with no debt, down significantly from the £12.8m cash it had at the start of the year.

“The Indian market continues to undergo significant consolidation, innovation and evolution which, amongst other things, is driving greater smartphone, data and games usage amongst consumers,” said CEO Simon Buckingham.

“We are extremely pleased to now have direct billing connections with the top three operators and, whilst we are still in the investment phase of operations where progress can at times be uneven given the rapidly changing market, I remain convinced that India is the largest opportunity for the company.

“To that end, it is particularly pleasing to see the continued strong growth in user numbers in India.”

Buckingham claimed the company was “well positioned” to execute in the market and deliver shareholder returns.