Mobile Streams losses widen as it concentrates on India

Mobile Streams announced its unaudited interim results for the six months to 31 December on Friday, confirming subscriber numbers in India increased to over 175,000 active subscribers, up from 100,000 during the period.

The AIM-traded firm completed a successful fundraising of £2.2m before expenses in the half-year to fund growth in India, and said it had £2.8m of cash and cash equivalents at 31 December, up from £1.5m, with no debt.

Its current cash balance as of Friday was £2.6m.

Revenues more than halved to £3.6m, from £8m, with the board saying all revenue was from continuing operations.

Mobile Internet revenues were £3.58m, down from £7.9m year-on-year.

The company made an EBITDA loss of £0.71m, in line with management expectations and widening from a £0.1m loss.

Its post-tax loss stood at £0.88m, aldo in line with management expectations, and widening from the previous £0.32m loss.

Post period-end, Mobile Streams said it launched its HTML5 browser-based games service to complement its app download service in India.

“The successful fundraising of £2.2 million before expenses completed at the end of the period is enabling us to accelerate our strategy of building subscribers and revenues in the Indian market during calendar year 2017,” said CEO Simon Buckingham.

“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.

“It is particularly pleasing that we have surpassed the 175,000 subscriber mark so quickly and we look forward to updating shareholders on our progress at the appropriate time.”