REG - Mobile Streams plc - Interim Results
31/03/2025 07:15
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RNS Number : 8107C Mobile Streams plc 31 March 2025
31(st) March 2025
Mobile Streams plc
("MOS" or "the Company")
Interim Results
Mobile Streams plc, the AIM quoted mobile content and data intelligence
company, is pleased to announce its unaudited interim results for the six
months ended 31 December 2024. A copy of the Interims Results will be
available on the Company's website, www.mobilestreams.com, and are set out
below.
Highlights
Our focus has been on continued development of the Sports betting and on-line
casino platform in Mexico. This work has progressed strongly during the half
year to 31 December 2024 with ongoing support from Capital Media Sports SA and
key partners in Mexico. Our revenue stream from this business has continued
to grow as we support our Mexican Associate in the preparation of the consumer
launch of the Sports Betting platform which was recently announced on 27(th)
March.
Operations in our legacy mobile data businesses continue to produce a modest
gross profit and this helps to absorb a portion of the group's overhead
expenses.
Revenue for the period was £415k, up from £169k in 2023, and continues to
reflect growth from the development of the Sports Betting business in Mexico.
Whilst MOS accounts for the direct profit/ loss from the Sports Betting
business on an associate basis in the Income Statement, it also derives
revenues itself from the provision of services directly to Estadio Gana (the
formal name of the betting platform). Our pre-tax loss for the 6 months at
£804k was higher than the loss of £289k in the 6 months to December 2023 and
this reflects the scaling and focus of our support towards building a
successful business in Mexico. I am very pleased to report that given the
growing momentum to our sales we were able to reach our first month of
operational profitability which was achieved in December 2024, as
anticipated. This puts the group on a firm footing for the future and we
expect to see further months of profitability across 2025.
During December 2024 we took the opportunity to strengthen our direct holding
in our Mexican Bet Business Associate to take our position up to 25.87%. Post
period end this was further indirectly increased by the proposed acquisition
of up to 90% of CMS as announced on 20(th) March 2025.
Throughout the period we have strengthened our balance sheet with the raising
of £2.4m in equity, mostly via the exercising of warrants and this has led to
a strong group cash position as at 31(st) December 2024 of £1.3m. This has
continued to increase post period end.
We continued to develop our platforms during the period. This is recorded as
an intangible asset in the financial statements under IFRS with a net book
value as at 31(st) December 2024 of £528k. We believe however its trade
sale value would be significantly higher based on market comparable platforms.
Outlook
The Company is now well positioned as a business, with strong and proprietary
technology platforms. The Directors believe that the actions taken over the
past year to December 2024 will enable the business to fully capitalise on the
opportunities in Mexican Sports publishing and online betting and casino
services. We continue to create synergies of revenue to the betting business
from our existing product portfolio, including both digital merchandise
(NFTs), LiveScores and mobilegaming.com sites. Accordingly, we remain on track
in our transition to delivering operational profitability.
Mark Epstein, CEO, said:
"We are very pleased with the progress that the organisation has made in the
past 6 months in the progression of the Mexican sports betting business and
preparation of the Consumer launch. This has only been possible due to the
quality and capability of our platforms combined with the dedication and
skills of our team. Our Company is now transitioned and developing into a
growing and profitable business."
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months ended 31 December 12 months ended 30
ended 31 June
December
2024 2023 2024
£000's £000's £000's
Revenue 415 169 436
Cost of sales (20) (21) (46)
Gross profit 395 148 388
Selling and marketing costs (14) (34) (82)
Administrative expenses ** (1,223) (414) (1,260)
Operating Loss (841) (300) (953)
Finance income 37 11 6
Finance expense - - -
Loss before tax (804) (289) (947)
Share of after tax profit/ (loss) of associate (33) - (12)
Tax expense - - -
Loss for the period (837) (289) (959)
Attributable to:
Attributable to equity shareholders of Mobile Streams Plc (837) (289) (959)
(837) (289) (3,789)
Pence per share Pence per share Pence per
share
Basic loss per share (0.011) (0.006) (0.019)
Diluted loss per share (0.011) (0.006) (0.019)
* *Administrative expenses include depreciation, amortisation, impairment and
share based compensation.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31-Dec-24 31-Dec-23 30-Jun-24
£000's £000's £000's
Assets
Non- Current
Goodwill - - -
Intangible assets 528 422 431
Investment in Associate 356 - 217
Other investments 193 - 56
1,077 422 704
Current
Trade and other receivables 749 395 413
Unsettled share subscription monies** - 407 -
Cash and cash equivalents 1,343 337 235
2,072 1,139 648
Total assets 3,169 1,561 1,352
Equity
Equity attributable to equity holders of Mobile Streams plc
Called up share capital 1,213 864 973
Share Premium 24,272 21,909 22,149
Translation reserve (2,940) (3,050) (3,050)
Share Based Payment Reserve 396 62 243
Retained earnings (20,338) (18,832) (19,501)
Total equity 2,605 955 815
Trade and other payables 533 565 501
Bank debt 33 40 36
566 605 537
Total liabilities 566 605 537
Total equity and liabilities 3,169 1,561 1,352
** The unsettled share subscription monies in the prior year at 31 December
2023 in the amount of £407,000 were received in full in the first four days
of January 2024.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of Mobile Streams plc
Called up share capital Share premium Translation reserve Share-based payment reserve Retained earnings Non- Controlling Interest Total Equity
£000's £000's £000's £000's £000's £000's £000's
Balance at 1 July 2021 567 16,765 (3,050) 13 (11,480) 1 2,816
Loss for the 6 months - - - - (639) - (639)
Warrants charge - - - - - - -
Issue of shares 18 510 - - - - 528
Balance at 31 December 2021 585 17,275 (3,050) 13 (12,119) - 2,705
Loss for the 6 months - - - - (2,125) - (2,125)
Warrants charge - - - 255 - - 255
Issue of shares 74 2,059 - - - - 2,133
Acquisition of 51% of KrunchData Limited - - - - (763) (1) (764)
Balance at 30 June 2022 659 19,334 (3,050) 268 (15,007) - 2,204
Prior Year Adjustment - - - (255) 255 - -
Balance at 1 July 2022 659 19,334 (3,050) 13 (14,752) - 2,204
Loss for the 6 months - - - - (1,231) - (1,231)
Share Options charge - - - - - - -
Issue of shares 98 1,418 - - - - 1,516
Balance at 31 December 2022 757 20,752 (3,050) 13 (15,983) - 2,489
Loss for the 6 months - - - - (2,558) - (2,558)
Share Options charge - - - 12 - - 12
Issue of shares 11 579 - - - - 590
Balance at 30(th) June 2023 768 21,331 (3,050) 25 (18,541) - 533
Loss for the 6 months - - - - (289) - (289)
Share Options charge - - - 37 - - 37
Issue of shares 96 579 - - - - 675
Balance at 31(st) December 2023 864 21,909 (3,050) 62 (18,832) - 955
Loss for the 6 months - - - - (669) - (669)
Share Options charge - - - 181 - - 181
Issue of shares 109 240 - - - - 349
Balance at 30(th) June 2024 973 22,149 (3,050) 243 (19,501) - 815
Loss for the 6 months - - - - (837) - (837)
Foreign exchange on translation - - 110 - - - 110
Share Options charge - - - 153 - - 153
Issue of shares 240 2,124 - - - - 2,364
Balance at 31(st) December 2024 1,213 24,273 (2,940) 396 (20,338) - 2,605
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
£000's £000's £000's
Operating activities
Profit before taxation (804) (289) (947)
Adjustments:
Amortisation of intangible assets 66 - 168
Impairment of Intangible assets - (305) (305)
Impairment of receivables - - -
Share based payments expense 153 37 217
Profit on disposal of investment - - -
Remuneration paid to Senior managers in shares - 100 -
Consultant fees paid in shares - - -
Interest received (37) (11) (6)
Changes in Trade and other receivables (237) (246) (265)
Changes in Trade and other payables 52 78 14
Total cash utilised in operating activities (807) (636) (1,124)
Investing Activities
Additions to intangible assets (163) (116) (294)
Acquisition - Investment in Associate (176) - (229)
Acquisition - Investment in Equity Investment (143) - (56)
Interest received 37 11 6
Interest paid - - -
Net Cash used in investing activities (444) (105) (573
Issue of share capital (net of expenses paid) 2,433 168 1,171
Fund raise expenses (69) - (148)
Bank loan (4) (1) (6)
Net Cash generated from financing activities 2,361 167 1,018
Net change in cash and cash equivalents 1,109 (575) (659)
Cash and cash equivalents at beginning of period 235 913 913
Exchange (loss)/ gain on cash and cash equivalents (1) (1) 1
Cash and cash equivalents at end of period 1,343 337 235
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The interim results of Mobile Streams plc are prepared in accordance with the
requirements of IAS 34 Interim Financial Reporting as adopted by the EU and
prepared in accordance with the accounting policies set out in the last
financial statements for the 12 months ended 30 June 2024.
The interim results, which are not audited, do not comprise statutory accounts
within the meaning of section 434 of the Companies Act 2006.
The comparative financial information for the twelve months ended 30 June 2024
has been extracted from the statutory accounts for that period. In addition,
the financial information for the 6 months ended 31 December 2023 has been
extracted from the unaudited Interim results which were published on 25 March
2024.
The full audited accounts of the Group for the 12 months ended 30 June 2024
were prepared in accordance with International Financial Reporting Standards
("IFRS") as adopted by the UK and with those parts of the Companies Act 2006
applicable to companies reporting under IFRS and have been delivered to the
Registrar of Companies. All references to IFRS in these statements refer to
IFRS as adopted by the UK.
The auditor's report on the financial statements for the 12 months ended 30
June 2024 was unqualified and did not contain statements under S498 (2) or
S498 (3) of the Companies Act 2006.
2. SEGMENTAL REPORTING
As at 31 December 2024, the Group was organised into four geographical
segments: Europe, North America, Latin America, and Asia Pacific. Revenues are
from external customers only and generated from two principal business
activities: the sale of mobile content through Multi-National Organisation's
(Mobile Operator Services), and the provision of consulting and development
support to Bet including NFT technology (Development, Marketing and
Intelligence services) and Streams Data (Other Service Fees).
All operations are continuing and all inter-segment transfers, if any, are
priced and carried out at arm's length. The segmental results for the 6
months ended 31 December 2024 were as follows:
£000's Europe Asia North America Latin America Group
Pacific
Mobile operator services - - - 3 3
Other service fees 385 - - 27 412
Total Revenue 385 - - 30 415
Cost of sales - - - (20) (20)
Gross profit 385 - - 10 395
Operating expenses (846) (5) - (166) (1,017)
EBITDA* (461) (5) - (156) (622)
Depreciation, amortisation (66) - - - (66)
Share based compensation (153) - - - (153)
Finance income 37 - - - 37
Profit/(Loss) before tax (643) (5) - (156) (804)
Income tax expense - - - - -
Share of after-tax result of Associate (33) - - - (33)
Profit/(Loss) after tax (676) (5) - (156) (837)
*Calculated as profit before tax, interest, amortization, depreciation, share
compensation expense and impairment of assets.
The segmental results for the 6 months ended 31 December 2023 were as follows:
Asia Pacific North America Latin America
£000's Europe Group
Mobile operator sales - - - 36 36
Other service fees (NFT) 133 - - - 133
Total Revenue 133 - - 36 169
Cost of sales - - - (21) (21)
Gross profit 133 - - 15 148
Operating expenses (570) (4) - (142) (717)
EBITDA* (438) (4) - (127) (568)
Depreciation, amortisation 305 - - - 305
Share based compensation (37) - - - (37)
Finance income - - - 11 11
Profit/(Loss) before tax (170) (4) - (116) (289)
Income tax expense - - - - -
Share of after-tax result of Associate - - - - -
Profit/(Loss) after tax (170) (4) - (116) (289)
*Calculated as profit before tax, interest, amortization, depreciation, share
compensation expense and impairment of assets.
3. EARNINGS PER SHARE
Earnings per share
Earnings per share is calculated by dividing the(loss)/profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in issue during the period.
Unaudited Unaudited Audited
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
£000's £000's £000's
Loss for the period (837) (289) (959)
Loss earnings per share (pence):
Basic (0.011) (0.006) (0.019)
Diluted (0.011) (0.006) (0.019)
Adjusted earnings per share
Adjusted earnings per share is calculated to reflect the underlying
profitability of the business by excluding non-cash charges for depreciation,
amortisation, impairments and share compensation charges.
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
£000's £000's £000's
Loss for the period (837) (289) (959)
Add back: share compensation expense 153 72 217
Add back: depreciation and amortisation 66 (305) 168
Adjusted Loss for the period (618) (557) (575)
Pence per share Pence per share Pence per share
Adjusted loss per share (0.008) (0.012) (0.011)
Adjusted diluted loss per share (0.008) (0.012) (0.011)
Weighted average number of shares
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
Basic 7,817,115,725 4,469,228,885 5,168,165,880
Exercisable share options - - -
Diluted 7,817,115,725 4,469,228,885 5,168,165,880
Adjusted earnings per share
Adjusted earnings per share is calculated to reflect the underlying
profitability of the business by excluding non-cash charges for depreciation,
amortisation, impairments and share compensation charges.
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
£000's £000's £000's
Loss for the period (837) (289) (959)
Add back: share compensation expense 153 72 217
Add back: depreciation and amortisation 66 (305) 168
Adjusted Loss for the period (618) (557) (575)
Pence per share Pence per share Pence per share
Adjusted loss per share (0.008) (0.012) (0.011)
Adjusted diluted loss per share (0.008) (0.012) (0.011)
Weighted average number of shares
6 months ended 31 December 2024 6 months ended 31 December 2023 12 months ended 30 June 2024
Basic 7,817,115,725 4,469,228,885 5,168,165,880
Exercisable share options - - -
Diluted 7,817,115,725 4,469,228,885 5,168,165,880
Diluted (loss)/earnings per share is calculated adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has only one category of ordinary
shares.
The adjusted EPS has been calculated to reflect the underlying profitability
of the business by excluding non-cash charges for depreciation, amortisation,
impairments and share compensation charges.
4. GOING CONCERN
The Group had cash balances of £1.3m at 31 December 2024 (30 June 2023:
£0.3m). Having reviewed cash flow forecasts and budgets for the year ahead
the Directors have a reasonable expectation that the Group has resources to
continue in operational existence for the foreseeable future.
5. FOREIGN CURRENCY TRANSLATION
(a) Presentational currency
The consolidated financial statements are presented in British Pounds, which
is also the functional currency of the parent entity.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the date the transaction occurs. Any
exchange gains or losses resulting from these transactions and from the
translation of monetary assets and liabilities at the balance sheet date are
reported in the income statement except when these represent a net investment
in a subsidiary when they are charged or credited to equity.
Foreign currency balances are translated at the balance sheet date using
exchange rates prevailing at the period end.
(c) Group companies
The financial results and position of all group entities that have a
functional currency different from the presentational currency of the Group
are translated into the presentational currency as follows:
i. assets and liabilities for each balance sheet are translated at
the closing exchange rate at the date of the balance sheet
ii. income and expenses for each income statement are translated at
average exchange rates (unless it is not a reasonable approximation to the
exchange rate at the date of transaction)
iii. all resulting exchange differences are recognised as a separate
component of equity (translation reserve)
iv. The exchange rates used in respect of Argentinean Pesos are the
official published exchange rates.
6. Intangible assets
Intangibles acquired: Platform Development & Software Intangibles added internally Subtotal Goodwill Total
Streams
£'000 £'000 £'000 £'000 £'000
Cost or valuation:
At 1 Jan 2023 485 485 970 360 1,330
Additions - 141 141 - 141
Disposals - - - - -
At 30 June 2023 485 626 1,111 360 1,471
Additions - 116 116 - 116
Disposals - - - - -
At 31 December 2023 485 742 1,227 360 1,587
Additions - - -
Disposals - 178 178 -
At 30 June 2024 485 920 1,405 360 1,765
Additions - 163 163 - 163
Disposals - - -
At 31 December 2024 485 1,083 1,568 360 1,928
Amortisation:
At 1 Jan 2023 324 254 578 - 578
Charge for the period 117 68 185 185
Disposals - - - -
Impairment 44 304 348 360 708
At 30 June 2023 485 626 1,111 360 1,471
Charge for the period - - - - -
Disposals - - - - -
Reversal of Impairment (36) (269) (305) - (305)
31 December 2023 449 357 806 360 1,166
Charge for the period 36 132 168 - 168
Disposals - - - - -
At 30 June 2024 485 489 974 360 1,334
Charge for the period - 66 66 - 66
Disposals - - - - -
At 31 December 2024 485 555 1,040 360 1,400
Carrying amount:
At 31 December 2023 36 390 422 - 422
At 30 June 2024 - 431 431 - 431
At 31 December 2024 - 528 528 - 528
During the 6 months to 31(st) December 2024 the group recognised further
capitalised development costs on Streams Data platform in the amount of
£163,000.
7. Investment in Associates
31 December 2024 30 June 2024
Investment in Associates
£000's £000's
At 1(st) July b/f 217 -
Exchange adjustments (4)
Additions 176 229
Disposals - -
Distributions received - -
Profit / (loss) after tax recognised in the consolidated income statement (33) (12)
Impairment of interest in Associate - -
At 30(th) December 2024 356 217
On 1(st) February 2024 the group acquired a 25% direct interest in Estadio
Gana, a company duly incorporated and governed by the laws of Mexico. From
30(th) April 2024 this stake became diluted to 22.72% as an additional
investor was onboarded. The Group accounts for investments in associates
using the equity method of accounting. In December 2024 the group purchased
additional shares to increase its direct stake up to 25.96%. Summarised
income statement information in respect of Estadio Gana for the period ending
31(st) December 2024 is set-out below as well as the financial position at 31
December 2024. These results represent the earnings and financial position of
the Associate based on the entity's unaudited management accounts. The group's
share of after-tax losses of associates in the 6 months to 31 December 2024
was £33k (2023: £nil)
6 months to December 2024 6 months to June
2024
£000's £000's
Turnover - -
Profit / (loss) after tax (146) (49)
Total comprehensive income (146) (49)
31 Dec 2024 30 June 2024
Estadio Gana Financial Position £000's £000's
Intangible Assets 996 675
Trade receivables 65 105
Prepayments 266 175
Cash and cash equivalents 90 345
Total assets 1,417 1,300
VAT payable - (6)
Trade payables (566) (173)
Total Current liabilities (564) (179)
Net assets 851 1,121
Capital and reserves
Called up share capital 1,243 1,243
Fx reserve (196) (73)
Retained Losses (195) (49)
Shareholders deficit / Shareholders funds 851 1,121
During the 6months to 31 December 2024 the Group provided £385,000 of
Development, Marketing and Intelligence services to EstadioGana and £27,000
of payroll services. At 31(st) December 2025 Estadio Gana owes the group
£552,000. Estadio Gana's principal activity is the development of the
Sports betting business in Mexico which it expects to launch to consumers
during March 2025.
8. Other Investments
The group continues to hold a 10.0% interest in Capital Media Sports S.A. de
C.V., a company duly incorporated and governed by the laws of Mexico Capital
Media Sports. (31 December 2023: Nil).
9. Share Capital and Reserves
31 Dec 2024 31 Dec 2023 30 June 2024
£000s £000's £000's
Ordinary Share capital 1,213 864 973
Share premium 24,272 21,909 22,149
Translation Reserve (2,940) (3,050) (3,050)
Share Based Payment reserve 396 62 243
Retained earnings (20,319) (18,832) (19,501)
2,622 955 815
The total number of Ordinary Shares in issue as at 31 Dec 2024 was
8,825,217,939 with a par value of 0.01 pence per share (31 Dec 2023:
5,333,941,619 with a par value of 0.01 pence per share). In addition, there
are 140,753,533 Deferred Shares of 0.19 pence nominal value each in issue. The
Deferred Shares, as their name suggests, have very limited rights which are
deferred to the Ordinary Shares and effectively carry no value as a result.
Allotted, called up and fully paid 6 months 6 months Year
ended ended ended
31 Dec 2024 31 Dec 2023 30 June 2024
In issue at start of period 6,424,115,963 4,369,655,903 4,369,655,903
Issued during the period 2,401,101,976 964,285,716 2,054,460,058
In issue at end of period 8,825,217,939 5,333,941,619 6,424,115,963
The balance in the share premium account represents the proceeds received
above the nominal value on the issue of the Company's equity share capital.
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.
For further information, please contact:
Mobile Streams plc
John Barker, Chairman
+44 7711 920 865
www.mobilestreams.com
Beaumont Cornish (Nominated Adviser)
James Biddle and Roland Cornish
+44 (0) 20 7628 3396
Peterhouse Capital Limited (Broker)
Lucy Williams and Duncan Vasey
+44 (0) 20 7469 0930
Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is acting as nominated adviser to
the Company in relation to the matters referred herein. Beaumont Cornish
Limited is acting exclusively for the Company and for no one else in relation
to the matters described in this announcement and is not advising any other
person and accordingly will not be responsible to anyone other than the
Company for providing the protections afforded to clients of Beaumont Cornish
Limited, or for providing advice in relation to the contents of this
announcement or any matter referred to in it.
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