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15 Jul 2019 | 09:16

Mobile Streams mulls financing options as losses mount

Emerging market-focused mobile media company Mobile Streams said it was mulling financing options after weaker revenue in India and Argentina and rising costs sent it to a full-year loss.

The company said its revenue for the year through June was expected to fall to £1.3m, down from £3.1m on-year.

Ebitda losses were expected to amount to £1.0m, compared to losses of £1.2m on-year.

The company said it would bear one-off costs of around £400k related to a rationalisation, including staff redundancy expenses.

'The expenses related to the rationalisation have had a significant impact on the company's cash balances and, as a result, the board is considering a number of financing options to ensure that the company has sufficient working capital,' Mobile Streams said.

The company said it was pursuing a number of commercial initiatives including the recovery of an important customer in Argentina.

In Mexico, actions had been taken to re-launch ta commercial operation with Telcel, the largest carrier in Mexico.

'Despite the falling revenue and the cost reduction actions implemented, the company continues to focus on potential business development opportunities and financing initiatives in order to ensure that the company has sufficient working capital to support its commercial activities for the foreseeable future,' chief executive Simon Buckingham said.

At 9:16am: (LON:MOS) Mobile Streams PLC share price was -0.07p at 0.16p

Story provided by StockMarketWire.com
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