Mobile Streams rises 19%, EBITDA in line with forecasts

Shares in Mobile Streams jumped 19% despite posting a sharp decline in full-year revenues due to a challenging Argentinian market.

The mobile media company said earnings before interest, taxes, depreciation, and amortisation will be in line with expectations.

However, its revenues for the year ending 30 June, 2015 will be of £29m, against £48.6m in 2014.

It added that cash holdings were at £2.9m with no debt.

Mobile Streams' core business in Argentina has been challenging since the currency devaluation in January last year.

Meanwhile, the group has been working to launch its mobile internet services in Brazil, India and Nigeria.

Chief executive Simon Buckingham said: "As well as investing in new markets, the Company has worked to update its mobile content product portfolio, launching new premium products such as browser based games and high definition video streaming."

Furthermore, the company has developed new advertising supported services in the games and social networking space which are expected to address more emerging market consumers.

The company's shares rose 18.6% to 6.08p at 1002 BST on Tuesday.