Share Prices & Company Research

Market News

12 Apr 2019 | 07:28

Mobile Streams cuts headcount to combat revenue slide

Mobile phone games distributor Mobile Streams said it had reduced its headcount by a 'significant' amount to offset falling revenue.

The cost-cutting involved a rationalisation of the company's main operating centre in Argentina as well as lowering operating expenditure in the UK, US and India.

Mobile Streams said its chief executive and non-executive directors had also volunteered a partial salary deferral of 50% of their remuneration.

The cost-cutting exercise had resulted in sizable one-off redundancy expenses and severance payments of around £290k.

Monthly operating expenses in Argentina from May 2019 were expected to be reduced by 72% on an ongoing basis in comparison to December 2018.

Overall, the company said it anticipated a reduction in global operating expenses of around 62%.

'Given the falling revenue, it was necessary to take decisive cost reduction actions,' chief executive Simon Buckingham said.

'This has allowed the company to preserve and protect its remaining cash balances.'

'The company is looking at all potential business development opportunities and other asset optimisation strategies.'

Story provided by StockMarketWire.com
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.