Mobile Streams posts significant increase in revenues

Mobile Streams on Thursday posted a 173 per cent increase in revenues for the last half of 2012.

Mobile Streams on Thursday posted a 173 per cent increase in revenues for the last half of 2012.

The provider of mobile content - including apps, games and eBooks - generated revenues of £23m, compared to £8.4m for the same period a year ago.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) were also significantly ahead of the same period in the prior year, the group said.

The company was debt free with cash of £2.2m at December 31st, up from £0.7m the previous year.

"Mobile Streams continued to grow strongly in the first six months of the new financial year," Chief Executive Officer, Simon Buckingham, said.

"The ongoing improvement in the company's revenues, profits and cash generation was driven primarily by solid growth in the company's mobile internet subscriber base in the Latin America region, primarily in Argentina, Mexico and Colombia."

He said the active mobile internet subscriber base surpassed 2.7m, compared to 1.25m in 2011.

The company will continue to add new markets including Brazil to its mobile internet rollout this year, he added.

Shares soared 8.66% to 34.50p at 14:00 Thursday.

RD

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