Mobile Streams' shares dive as it swings to FY pre-tax loss

Emerging markets-focused media company Mobile Streams has reversed to a full-year pre-tax loss of £0.74m, from the prior year's profit of £0.83m, causing its shares to plunge by nearly a third.

This result was led by a plunge in revenues by the AIM-quoted company to £12.8m, from £29.1m. It is now focused on expansion into India.

"Operations in Argentina were extremely challenging in the year under review," said chief executive Simon Buckingham.

"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," he added.

Buckingham said these opportunities were potentially transformational for the company and that he was extremely pleased active subscriber numbers in India were growing steadily.

"We look forward to updating shareholders with our progress as and when we achieve incremental subscriber milestones and billing launches in the coming months."

At about 13:12 GMT, shares in Mobile streams were down 30.9% to 9.5p.