REG - MobilityOne Limited - Annual Report and Accounts Delay & Trading update

MobilityOneAnnouncement

27/06/2024 12:30

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RNS Number : 1900U  MobilityOne Limited  27 June 2024

Prior to publication, the information contained within this announcement was
deemed by the Group to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now considered
to be in the public domain.

 

27 June 2024

MobilityOne Limited

("MobilityOne", the "Company" or the "Group")

 

Delay in publication of Annual Report and Accounts

 

Trading update

 

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and
platform provider, announces that its audited annual report and accounts for
the year ended 31 December 2023 ("FY 2023") will not be finalised ahead of the
deadline of 30 June 2024, as stipulated under Rule 19 of the AIM Rules for
Companies.

 

The preparation of the Company's financial statements for FY 2023 has been
ongoing. Notwithstanding this, despite the best efforts of all parties, the
auditors in both the UK and Malaysia require further time to complete their
audits and the procedures with respect thereto. Accordingly, the Company
expects the accounts to be published by the end of July 2024.

 

The primary reason for the delay in the audit being completed relates to
further audit work that the Company's auditors in the UK have requested to be
undertaken in connection with the Company's 49% interest in Sincere Acres Sdn
Bhd ("Sincere"), which is a holding company for Hati International Sdn Bhd, a
healthcare information systems provider in Malaysia. The Company's interest in
Sincere was acquired in FY 2023 and further details can be found in the
Company's announcements released on 29 September 2023 and 8 March 2024.
MobilityOne's interest in Sincere will not be consolidated in the Group
accounts. However, it will be held as an associated company on the Group's
balance sheet.

 

Based on the unaudited accounts that have been prepared and audited to date,
the Company anticipates reporting revenue of £241.6 million for FY 2023 (year
ended 31 December 2022: revenue of £233.76 million) as a result of increased
demand from the Group's main products and services, namely the mobile phone
prepaid airtime reload and bill payment business through the Group's banking
channels (i.e. mobile banking and internet banking) and electronic data
capture terminals as well as third parties' e-wallet applications.

 

As a result of an increase in cost of sales, administrative expenses, finance
costs as well as the Group's share of its 49%-owned associated company's loss,
namely Sincere, the Group anticipates registering a loss after tax of
approximately £1.4 million in FY 2023 (year ended 31 December 2022: profit
after tax of £16,628).

 

As at 31 December 2023, the Group had cash and cash equivalents (including
fixed deposits) of approximately £2.7 million (31 December 2022: cash and
cash equivalents of £5.02 million) while the secured loans and borrowings
from financial institutions increased to approximately £4.2 million (31
December 2022: £3.87 million) mainly due to payment for higher cost of sales
and higher administrative expenses.

 

These headline financials for FY 2023 remain subject to change and completion
of the audit process.

 

This delay to the publication of the audited FY 2023 annual accounts means
that trading in the Company's ordinary shares on AIM will be suspended with
effect from 7:30 a.m. on 1 July 2024 and will remain suspended until the
publication of its audited FY 2023 annual accounts.

 

The Company will release further announcements as and when appropriate.

 

 

For further information, please contact:

 

MobilityOne
Limited
+6 03 89963600

Dato' Hussian A. Rahman,
CEO                                                        www.mobilityone.com.my

har@mobilityone.com.my

 

Allenby Capital Limited

(Nominated Adviser and
Broker)                                                        +44
20 3328 5656

Nick Athanas / Vivek Bhardwaj

 

About the Group:

 

MobilityOne is one of the leading virtual distributors of mobile prepaid
reload and bill payment services in Malaysia. With connections to various
service providers across industries such as banking, telecommunications,
utilities, government agencies, and transportation, the Group operates through
multiple distribution channels including mobile wallets, e-commerce sites, EDC
terminals, automated teller machines, kiosks, and internet & mobile
banking. Holding licenses in regulated spaces including acquiring, e-money,
remittance and lending, the Group offers a range of services to the market,
including wallet, internet, and terminal-based payment services, e-money,
remittance, lending, and custom fintech ecosystems for communities. The
Group's flexible, scalable technology platform enables cash, debit card, and
credit card transactions from multiple devices while providing robust control
and monitoring of product and service distribution.

 

For more information, refer to our website at www.mobilityone.com.my
(http://www.mobilityone.com.my)

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