REG - MobilityOne Limited - Half-year Report
26/09/2025 13:00
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RNS Number : 0532B MobilityOne Limited 26 September 2025
26 September 2025
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Unaudited interim results for the six months ended 30 June 2025
MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and
platform provider, is pleased to today announce its unaudited interim results
for the six months ended 30 June 2025 ("H1 2025").
Highlights:
· Revenue increased by 4.9% to £116.0 million (H1 2024: £110.5
million), primarily due to favourable exchange rates in H1 2025 compared to
the corresponding period in 2024;
· Loss after tax reduced to £1.14 million (H1 2024: £1.68
million);
· Cash and cash equivalents (including fixed deposits classified
under other financial assets) at 30 June 2025 of approximately £3.0 million
(30 June 2024: £4.41 million);
· The Group anticipates a challenging business environment and
remains cautious about the outlook for the remainder of 2025; and
· The expected completion of the proposed joint venture with Super
Apps Holdings Sdn Bhd ("Super Apps") and the proposed merger exercise of
Technology & Telecommunication Acquisition Corporation and Super Apps
will, if completed, significantly enhance the Group's financial position and
future growth.
For further information, 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, white label
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)
Chairman's statement
The Group's revenue increased by 4.9% to £116.0 million for the first six
months of 2025, compared to £110.5 million in the same period in 2024. This
growth was primarily due to favourable exchange rates in H1 2025 in comparison
to the corresponding period in 2024. However, when compared in Malaysian
Ringgit, the Group's revenue for H1 2025 declined by 0.3%. This was mainly due
to marginally reduced sales in the Group's core products and services in the
main market in Malaysia, including mobile phone prepaid airtime reloads and
bill payment services through the Group's banking channels (mobile and
internet banking). On the other hand, the sales through the Group's electronic
data capture terminals, payment gateway services and third parties' e-wallet
applications as well as e-money services in Malaysia showed a promising
improvement of more than 50% in H1 2025.
The Group reported a reduced loss after tax of £1.14 million for the first
half of 2025, compared to a loss after tax of £1.68 million during the same
period in 2024. This improvement was mainly attributed to a slight improvement
of the overall gross profit margin, lower administrative expenses and the
Group's share of a reduced loss from its 49%-owned associate company, Sincere
Acres Sdn Bhd ("Sincere") and its wholly-owned subsidiary, Hati International
Sdn Bhd ("Hati"), a healthcare information systems provider in Malaysia.
The Group's international remittance services in Malaysia experienced higher
transaction volumes, but the contribution remains relatively modest. For the
business in Brunei, while the Group is hopeful of its business growth, the
operation represents an insignificant proportion of the Group's overall
business. The Group has ceased exploring new business in the Philippines and
has since discontinued its operations in the Philippines.
As at 30 June 2025, the Group had cash and cash equivalents (including fixed
deposits classified under other financial assets) of approximately £3.0
million (30 June 2024: cash and cash equivalents of £4.41 million) while the
secured loans and borrowings from financial institutions increased to £6.94
million (30 June 2024: £6.57 million) mainly due to higher finance costs and
higher other operating expenses.
Current trading and outlook
The Group's business activities continue to be predominately concentrated in
Malaysia. Mobile phone prepaid airtime reloads and bill payments continued to
be the main business activities for the Group. The Group's international
remittance business is expected to grow further. The Group's focus on retail
electronic payments business, which covers both physical and online merchants,
is also expected to grow steadily. The e-money businesses in Malaysia as well
as the payment solution business in Brunei are expected to remain
insignificant.
The Group's foray into the health technology industry via the Group's
subsidiary MobilityOne Sdn Bhd ("M1 Malaysia") and its associated company
(i.e, Hati), is gaining traction with Hati having secured several new projects
with hospitals in Thailand and Malaysia, focusing on implementing digital
payment solutions to enhance patient billing and administrative processes as
well as to integrate the Group's payment technologies to streamline healthcare
services. These partnerships signify the Group's strategic move into the
health technology industry, leveraging the Group's expertise in payment
solutions to cater to the evolving needs of the healthcare industry. The Board
of MobilityOne continue to be excited by the future prospects of Hati.
There are two major transactions pending completion, which are anticipated to
have a material positive impact to the future financial performance of the
Group:
(1) Disposal of OneShop Retail Sdn Bhd ("1Shop") and proposed
joint venture with Super Apps
On 19 October 2022, M1 Malaysia entered into a share sale agreement (the
"Share Sale Agreement") with Super Apps for the disposal by M1 Malaysia of a
60% shareholding in the Group's wholly-owned non-core subsidiary 1Shop to
Super Apps (together the "Disposal"). Concurrently, M1 Malaysia entered into
a joint-venture cum shareholders agreement with Super Apps and 1Shop (together
the "Proposed Joint Venture"). The intention of the Disposal and Proposed
Joint Venture is to establish a new joint venture to expand the Group's
e-products and services business initially in Malaysia.
The Disposal was initially subject to the completion of a merger exercise
between Technology & Telecommunication Acquisition Corporation ("TETE")
and Super Apps which includes certain approvals by the United States
Securities and Exchange Commission ("SEC") (together the "Merger Exercise").
Subsequently it was announced on 1 March 2024 that M1 Malaysia had entered
into a supplementary agreement with Super Apps to amend the terms and
conditions of the Share Sale Agreement in preparation for the Merger Exercise
(the "Supplementary Agreement"). Under the new terms and conditions of the
Supplementary Agreement, completion of the Disposal is no longer conditional
on the Merger Exercise completing. In this regard, it was instead agreed that
the Disposal completes upon entry of the Supplementary Agreement.
Notwithstanding completion, if the Merger Exercise does not complete, M1
Malaysia is entitled to purchase back the 60% interest in 1Shop from Super
Apps for a nominal consideration of RM1.00.
It was further agreed that, irrespective of the completion of the Disposal and
subject to the completion of the Merger Exercise, Super Apps shall pay M1
Malaysia the following consideration:
(a) RM40.0 million (c. £6.84 million) in cash within 14 days upon completion
of the Merger Exercise; and
(b) RM20.0 million (c. £3.42 million) in cash within 180 days upon completion
of the Merger Exercise.
In addition, pursuant to the terms of the Proposed Joint Venture, M1 Malaysia
undertook to provide the necessary technical and business support to 1Shop and
guaranteed that 1Shop will achieve revenues of at least RM560.0 million
(equivalent to c. £95.8 million) in the financial year ending 31 December
2023 or any other period as mutually agreed (the "Revenue Target"). As the
Merger Exercise has been delayed, the period to achieve the Revenue Target
shall be re-assessed and agreed with Super Apps in due course. In order to
achieve the Revenue Target, Super Apps undertakes to provide all the necessary
working capital requirements of 1Shop. This will be supplemented through Super
Apps, in conjunction with 1Shop, collaborating with other organisations.
Moreover, Super Apps shall procure TETE to issue shares in TETE (the "TETE
Shares") to a stakeholder to be mutually agreed by M1 Malaysia and Super Apps
with aggregate value of RM20.0 million (equivalent to c. £3.42 million)
within 14 days upon completion of the Merger Exercise. The issue price for the
TETE Shares to the stakeholder will be determined at a later date. M1
Malaysia will only be entitled to receive the TETE Shares from the stakeholder
following 1Shop achieving the Revenue Target.
Most recently, on 27 August 2025, the Group announced that TETE had filed a
Form 8-K report notifying that the deadline to complete the Merger Exercise
was extended to 20 February 2026. Notwithstanding this, at this stage there
can be no certainty that the Group will receive the consideration for the
Disposal nor as to the completion of the Proposed Joint Venture. This is on
the basis that both events are conditional on the completion of the Merger
Exercise, which is outside of the Group's control. The payment for the
consideration of the Disposal and the completion of the Proposed Joint Venture
will represent a positive material financial development for the Group.
Consequently though, any further delays to the Merger Exercise or the
non-completion of the Merger Exercise itself will impact the Group's future
financial position and business operations, including restricting the Group's
future growth initiatives.
Tete Technologies Inc, a wholly-owned subsidiary of TETE, has also filed a
draft proxy statement ("TETE Proxy Filing") with the SEC and the TETE Proxy
Filing is subject to the approval by the SEC. The Company will release further
announcements as and when appropriate.
(2) Acquisition of Hati via Sincere
On 29 September 2023, M1 Malaysia entered into a share sale agreement with
United Flagship Development Sdn Bhd ("Vendor") to acquire a 49% equity
interest in Sincere for a total cash consideration of RM30.0 million (c.
£5.217 million) to be paid to the Vendor in two tranches. On 4 October 2023,
the acquisition of Hati via Sincere completed and the first tranche,
representing RM2.0 million (c. £0.348 million), has since been paid to the
Vendor. The second tranche, representing the balance of RM28.0 million (c.
£4.869 million) (the "Second Tranche"), was originally required to be paid by
M1 Malaysia by 8 March 2024 (the "Second Tranche Payment Date").
The Second Tranche Payment Date has been subject to prior extensions and was
most recently extended to 30 November 2025. Any payment in relation to the
Second Tranche made after the Second Tranche Payment Date is subject to an
interest charge of 10% per annum.
As part of the Group's business plans, the Group has identified the following
business areas for future growth:
(1) Electronic payment system
The Group is actively expanding its merchant acquiring business across both
online and offline channels. Collaborations with local banks have been
established to enhance merchant onboarding and payment acceptance
capabilities, aligning with Malaysia's broader shift towards digital payments.
Internationally, the Group has secured regulatory approval from Brunei's
central bank to operate a merchant acquiring business in Brunei. With most of
the Bruneians engaging in e-commerce activities such as shopping, banking, and
bill payments, the Group is well-positioned to tap into this growing market
upon receiving final operational clearance.
(2) eMoney business
The Group's e-money business is expected to grow through collaborations and
technological advancements. The Group is actively working on expanding its
white-label collaborations to broaden the user base and is developing
capabilities to facilitate regional acceptance of the Group's e-money
services. Internationally, the Group has secured an e-money license from
Brunei's central bank and plans to launch the services in Brunei by the end of
2025, subject to fulfilling the conditions set forth by the regulator.
(3) Money transfer business
The Group expects further growth in the money transfer business with such
growth expected to be fuelled by strategic partnerships and market
diversification. While development using SWIFT network is still underway, new
collaborations with bKash (i.e, the biggest mobile financial services provider
in Bangladesh) and Mastercard Send, which is expected to go live in the next
few months, will enhance the Group's product offerings, enabling faster and
more secure cross-border transactions. Additionally, the Group has initiated
incoming remittance services to Somalia, tapping into underserved markets and
broadening its global reach. These initiatives are expected to drive revenue
growth.
(4) Health technology initiatives
The Group's venture into the health technology sector is expected to yield
promising developments for the Group in the long run, with a hospital project
in Thailand as well as the Hospital Information System (HIS) implementations
at several hospitals in Malaysia. These initiatives align with Malaysia's
broader digital health transformation strategy. Currently, most of the health
clinics in Malaysia do not have digital health records, highlighting the
significant growth potential in this sector. The Malaysian government's phased
implementation of digital health initiatives aims to fully digitalise half of
government health clinics by 2030, presenting substantial opportunities for
health technology providers. The Group's involvement in these pioneering
projects is expected to allow the Group to expand its health technology
business in Malaysia.
The Group anticipates a challenging business environment and remains cautious
about the outlook for the remainder of 2025. The Group's potential
collaboration with TETE continues with the relevant parties working towards a
Merger Exercise deadline of 20 February 2026. Notwithstanding this, at this
stage there can be no certainty that the Group will receive the consideration
for the Disposal nor as to the completion of the Proposed Joint Venture. This
is on the basis that both events are conditional on the completion of the
Merger Exercise, which is outside of the Group's control. The payment for the
consideration of the Disposal and the completion of the Proposed Joint Venture
will represent a positive and material financial development for the Group.
However, any further delays to the Merger Exercise and/or the non-completion
of the Merger Exercise itself will impact the Group's future financial
position and business operations, including restricting the Group's future
growth initiatives.
Furthermore, while the health technology business shows strong promise, it
also faces notable challenges, particularly rising manpower costs, increased
competition from regional players, and the need for Hati to carefully manage
its project pipeline to avoid overcommitment and to maintain service quality
and post‑implementation support excellence.
Notwithstanding the challenges ahead, the Group remains excited about the
future prospects of the Group and looks forward to the TETE transaction
closing so that the Board can look to progress initiatives across both its
core business in Malaysia and at Hati.
Abu Bakar bin Mohd Taib (Chairman)
26 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2025
Six months Six months Financial year
Ended Ended Ended
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
CONTINUING OPERATIONS £ £ £
Revenue 115,956,978 110,488,003 230,227,323
Cost of sales (110,368,404) (105,464,057) (219,123,512)
GROSS PROFIT 5,588,574 5,023,946 11,103,811
Other operating income 15,741 10,625 55,303
Administration expenses (6,113,592) (6,247,169) (13,395,599)
Other operating expenses (187,038) (162,877) (192,677)
Net loss on financial instruments - - (172,190)
OPERATING LOSS (696,314) (1,375,475) (2,601,352)
Finance income 12,746 14,191 46,246
Finance costs (204,038) (157,203) (357,380)
Share of post-tax loss of equity accounted
associates (113,905) (157,630) (584,896)
LOSS BEFORE TAX (1,001,512) (1,676,117) (3,497,382)
Tax (139,146) (416) 50,762
LOSS FROM CONTINUING OPERATIONS
(1,140,658) (1,676,533) (3,446,620)
Gain on disposal of subsidiary - - 34
(1,140,658) (1,676,533) (3,446,586)
Attributable to:
Owners of the parent (1,138,860) (1,672,674) (3,446,067)
Non-controlling interest (1,798) (3,859) (519)
(1,140,658) (1,676,533) (3,446,586)
LOSS PER SHARE
Basic (loss) / earnings per share (pence) (1.071) (1.574) (3.242)
Diluted (loss) / earnings per share (pence) - (1.574) (3.242)
LOSS FOR THE PERIOD/YEAR (1,140,658) (1,676,533) (3,446,586)
OTHER COMPREHENSIVE (LOSS)/ PROFIT
Foreign currency translation (196) (41,786) 68,333
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD/YEAR (1,140,854) (1,718,319) (3,378,253)
Total comprehensive loss attributable to:
Owners of the parent (1,139,465) (1,714,710) (3,377,170)
Non-controlling interest (1,389) (3,609) (1,083)
(1,140,854) (1,718,319) (3,378,253)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
At At At
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
£ £ £
Assets
Non-current assets
Intangible assets 510,410 543,664 563,157
Property, plant and equipment 395,491 435,320 469,344
Investment property 244,062 242,208 253,879
Right-of-use assets 217,078 177,821 281,179
Trade and other receivables 225,237 889,800 203,139
Investment in associate 4,413,410 4,754,604 4,606,344
Other investment 11,264 10,899 11,569
6,016,952 7,054,316 6,388,611
Current assets
Inventories 791,848 1,495,795 1,286,853
Trade and other receivables 5,376,599 2,572,590 4,715,886
Other financial assets 512,924 474,032 520,399
Tax recoverable 28,331 160,267 174,895
Cash and cash equivalents 2,484,317 3,938,017 3,979,183
9,194,019 8,640,701 10,677,216
Total Assets 15,210,971 15,695,017 17,065,827
Shareholders' equity
Equity attributable to owners of the parent:
Called up share capital 2,657,470 2,657,470 2,657,470
Share premium 909,472 909,472 909,472
Reverse acquisition reserve 708,951 708,951 708,951
Foreign currency translation reserve 571,879 462,115 572,484
Accumulated losses (6,087,175) (3,174,922) (4,948,315)
Shareholders' equity (1,239,403) 1,563,086 (99,938)
Non-controlling interest (15,806) (16,943) (14,417)
Total Equity (1,255,209) 1,546,143 (114,355)
Liabilities
Non-current liabilities
Loans and borrowings - secured 177,764 181,926 186,642
Lease liabilities 75,440 126,381 162,115
Deferred tax liabilities 753 45,169 774
253,957 353,476 349,531
Current liabilities
Trade and other payables 4,402,715 2,587,235 4,791,639
Deferred consideration due 4,852,098 4,695,151 4,983,537
Amount due to directors 52,300 58,300 51,832
Loans and borrowings - secured 6,765,493 6,390,338 6,890,030
Lease liabilities 139,617 62,662 113,613
Tax payables - 1,712 -
16,212,223 13,795,398 16,830,651
Total Liabilities 16,466,180 14,148,874 17,180,182
Total Equity and Liabilities 15,210,971 15,695,017 17,065,827
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
Non-Distributable Distributable
Foreign
Reverse Currency Non-
Share Share Acquisition Translation Accumulated Controlling Total
Capital Premium Reserve Reserve Losses Total Interest Equity
£ £ £ £ £ £ £ £
As at 1 January 2024 2,657,470 909,472 708,951 504,151 (1,502,248) 3,277,796 (13,334) 3,264,462
Loss for the period - - - - (1,672,674) (1,672,674) (3,859) (1,676,533)
Foreign currency translation - - - (42,036) - (42,036) 250 (41,786)
As at 30 June 2024 2,657,470 909,472 708,951 462,115 (3,174,922) 1,563,086 (16,943) 1,546,143
As at 1 July 2024 2,657,470 909,472 708,951 462,115 (3,174,922) 1,563,086 (16,943) 1,546,143
Loss for the period - - - - (1,773,393) (1,773,393) 3,340 (1,770,053)
Foreign currency translation - - - 110,369 - 110,369 (814) 109,555
As at 31 Dec 2024 2,657,470 909,472 708,951 572,484 (4,948,315) (99,938) (14,417) (114,355)
As at 1 January 2025 2,657,470 909,472 708,951 572,484 (4,948,315) (99,938) (14,417) (114,355)
Loss for the period - - - - (1,138,860) (1,138,860) (1,798) (1,140,658)
Foreign currency translation - - - (605) - (605) 409 (196)
As at 30 June 2025 2,657,470 909,472 708,951 571,879 (6,087,175) (1,239,403) (15,806) (1,255,209)
Share capital is the amount subscribed for shares at nominal value.
Share premium represents the excess of the amount subscribed for share capital
over the nominal value of the respective shares net of share issue expenses.
The reverse acquisition reserve relates to the adjustment required by
accounting for the reverse acquisition in accordance with IFRS 3.
The Company's assets and liabilities stated in the Statement of Financial
Position were translated into Pound Sterling (£) using the closing rate as at
the Statement of Financial Position date and the Income Statements were
translated into £ using the average rate for that period. All resulting
exchange differences are taken to the foreign currency translation reserve
within equity.
Accumulated losses represent the cumulative earnings of the Group attributable
to equity shareholders.
Non-controlling interests represent the share of ownership of subsidiary
companies held outside the Group.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2025
Six months Six months Financial year
Ended Ended ended
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
£ £ £
Cash flows used in operating activities
Cash used in operations (1,154,836) (1,918,818) (1,809,792)
Interest received 12,746 13,915 46,246
Tax paid (136,925) (417) (960)
Tax refund 141,952 - -
Net cash used in operating activities (1,137,063) (1,905,320) (1,764,506)
Cash flows used in investing activities
Purchase of property, plant and equipment (24,458) (6,373) (107,219)
Purchase of right-of-used assets - (68,842) (8,009)
Purchase of intangible assets - 26,191 -
Addition to investments in associate (40,766) - (7)
Proceeds from disposal of property, plant & equipment - - 27,647
Proceeds from disposal of subsidiary - - 1,747
Net cash used in investing activities (65,224) (49,024) (85,841)
Cash flows (used in)/ from financing activities
Interest paid (203,746) (156,660) (357,380)
Net change of banker acceptance 57,185 2,432,591 2,861,352
Net change in other financial assets pledged 7,475 126,662 80,295
Addition / (Repayment) of lease liabilities (53,400) 25,456 (112,527)
Repayment of term loan (3,955) (3,811) (10,504)
Net cash (used in)/ from financing activities (196,441) 2,424,238 2,461,236
(Decrease)/ Increase in cash and cash equivalents (1,398,728) 469,894 610,889
Effect of foreign exchange rate changes (96,138) (68,012) (167,841)
Cash and cash equivalents at beginning of period/year 3,979,183 3,536,135
3,536,135
Cash and cash equivalents at end of period/year 2,484,317 3,938,017 3,979,183
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
The Group's interim financial statements for the six months ended 30 June 2025
were authorised for issue by the Board of Directors on 26 September 2025.
The interim financial statements are unaudited and have been prepared in
accordance with International Financial Reporting Standards (IFRSs and IFRIC
interpretations) issued by the International Accounting Standards Board
(IASB), as adopted by the European Union, and with those parts of the
Companies (Jersey) Law 1991 applicable to companies preparing their financial
statements under IFRS. It has been prepared in accordance with IAS 34 "Interim
Financial Reporting" and does not include all of the information required for
full annual financial statements. The financial statements have been prepared
under the historical cost convention.
Full details of the accounting policies adopted, which are consistent with
those disclosed in the Company's 2024 Annual Report, will be included in the
audited financial statements for the year ending 31 December 2025.
2. Basis of consolidation
The consolidated statement of comprehensive income and statement of financial
position include financial statements of the Company and its subsidiaries made
up to 30 June 2025.
3. Nature of financial information
The unaudited interim financial information for the six months ended 30 June
2025 does not constitute statutory accounts under the meaning of Section 435
of the Companies Act 2006. The comparative figures for the year ended 31
December 2024 are extracted from the audited statutory financial statements.
Full audited financial statements of the Group in respect of that financial
year prepared in accordance with IFRS, which we received an unqualified audit
opinion, have been delivered to the Registrar of Companies.
4. Functional and presentation currency
(i) Functional and presentation currency
Items included in the financial statements of each of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the functional currency). The functional currency of the
Group is Ringgit Malaysia (RM). The consolidated financial statements are
presented in Pound Sterling (£), which is the Company's presentational
currency as this is the currency used in the country in which the entity is
listed.
Assets and liabilities are translated into Pound Sterling (£) at foreign
exchange rates ruling at the Statement of Financial Position date. Results and
cash flows are translated into Pound Sterling (£) using average rates of
exchange for the period.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency
using exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions
and from the translation at year/period-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in the
statement of comprehensive income.
The financial information set out below has been
translated at the following rates:
Exchange rate (RM: £)
At Statement of Financial Position date Average for year/
Period
Period ended 30 June 2025 5.77 5.68
Period ended 30 June 2024 5.96 5.98
Year ended 31 December 2024 5.62 5.84
5. Segmental analysis
The Group has two operating segments as follows:
(a) Telecommunication services and electronic commerce solutions; and
(b) Hardware and services, including selling of hardware, remittance
services and money lending income.
No segmental analysis of assets and capital expenditure are presented as they
are mostly unallocated items which comprise corporate assets and liabilities.
No geographical segment information is presented as more than 95% of the
Group's revenue was generated in Malaysia.
Telecommunication services and electronic commerce solutions
Hardware and services Elimination Total
Group
6months ended 30 June 2025 £ £ £ £
Segment revenue:
Sales to external customers 113,494,713 2,462,265 - 115,956,978
Inter-segment 46,209 (46,209) -
113,494,713 2,508,474 (46,209) 115,956,978
Loss before tax - - (1,001,512)
Tax - - (139,146)
Loss for the period - - (1,140,658)
Group
6months ended 30 June 2024
Segment revenue:
Sales to external customers 109,732,428 755,575 - 110,488,003
Inter-segment 161,094 (161,094) -
109,732,428 916,669 (161,094) 110,488,003
Loss before tax - - (1,676,117)
Tax - - (416)
Loss for the period - - (1,676,533)
Group
Financial year ended 31 Dec 2024
Segment revenue:
Sales to external customers 227,874,346 2,352,978 - 230,227,323
Inter-segment 162,892 (162,892) -
227,874,346 2,515,870 (162,892) 230,227,323
Loss before tax - - (3,497,348)
Tax - - 50,762
Loss for the year - - (3,446,586)
*The disclosure for non-cash expenses has not been split according to the
different segments as the cost to obtain such information is excessive and
provides very little by way of information.
*The disclosure for non-cash expenses has not been split according to the
different segments as the cost to obtain such information is excessive and
provides very little by way of information.
*The disclosure for non-cash expenses has not been split according to the
different segments as the cost to obtain such information is excessive and
provides very little by way of information.
6. Taxation
Taxation on the income statement for the financial period comprises current
and deferred tax. Current tax is the expected amount of taxes payable in
respect of the taxable profit for the financial period and is measured using
the tax rates that have been enacted at the Statement of Financial Position
date.
Deferred tax is recognised on the liability method for all temporary
differences between the carrying amount of an asset or liability in the
Statement of Financial Position and its tax base at the Statement of Financial
Position date. Deferred tax liabilities are recognised for all taxable
temporary differences and deferred tax assets are recognised for all
deductible temporary differences, unused tax losses and unused tax credits to
the extent that it is probable that future taxable profit will be available
against which the deductible temporary differences, unused tax losses and
unused tax credits can be utilised. Deferred tax is not recognised if the
temporary difference arises from goodwill or negative goodwill or from the
initial recognition of an asset or liability in a transaction which is not a
business combination and at the time of the transaction, affects neither
accounting profit nor taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are
expected to apply to the period when the asset is realised or the liability is
settled, based on the tax rates that have been enacted or substantively
enacted by the Statement of Financial Position date. The carrying amount of a
deferred tax asset is reviewed at each Statement of Financial Position date
and is reduced to the extent that it becomes probable that sufficient future
taxable profit will be available.
Deferred tax is recognised in the income statement, except when it arises from
atransaction which is recognised directly in equity, in which case the
deferred tax is also charged or credited directly in equity, or when it arises
from a business combination that is an acquisition, in which case the deferred
tax is included in the resulting goodwill or negative goodwill.
7. Loss per share
The basic loss per share is calculated by dividing the loss in the six month
period ended 30 June 2025 of £1,138,860 (30 June 2024: £1,672,674 and year
ended 31 December 2024: £3,446,067) attributable to owners of the parent by
the number of ordinary shares outstanding at 30 June 2025 of 106,298,780 (30
June 2024: 106,298,780 and 31 December 2024: 106,298,780).
There is no diluted earnings per share for the six month period ended 30 June
2025 as there were no outstanding dilutive share options during the period,
which had expired on 4 December 2024.
8. Reconciliation of profit before tax to cash generated from operations
Six months Six months Financial year
ended Ended ended
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
£ £ £
Cash flow used in operating activities
Loss before tax (1,001,512) (1,676,117) (3,497,382)
Adjustments for:
Amortisation of intangible assets 38,508 13,060 26,741
Amortisation of right-of-use assets 57,604 42,645 107,414
Bad debt written off - - 2,373
Depreciation of property, plant and equipment 87,754 104,160 193,939
Depreciation of investment property 3,172 3,012 6,168
Gain on disposal of property, plant & equipment (430) - (25,394)
Gain on termination of right-of-use assets - - (59)
Impairment loss on trade receivables - - 607,173
Gain on disposal of subsidiary - - (34)
Interest expenses 203,746 156,660 357,380
Interest income (12,746) (13,915) (46,246)
Property, plant and equipment written off - 45 115
Reversal on impairment loss on trade receivable - - (434,983)
Share of post-tax loss of equity accounted associates 109,634 157,630 584,896
Unrealised loss/(gain) on forex - - (3,253)
Operating loss before working capital changes (514,270) (1,212,820) (2,121,152)
Decrease in inventories 461,065 379,613 625,822
Increase in receivables (838,428) (588,199) (2,146,882)
Increase in amount due to directors & 468 23,000 16,532
shareholder
(Decrease)/Increase in payables (263,671) (520,412) 1,815,888
Cash used in operations (1,154,836) (1,918,818) (1,809,792)
9. Contingent liabilities
In the period under review, corporate guarantees of RM44.1 million (£7.64
million) (H1 2024: RM29.1 million (£4.88 million)) were given to a licensed
bank by the Company for credit facilities granted to a subsidiary company.
10. Significant accounting policies
The interim consolidated financial statements have been prepared applying the
same accounting policies that were applied in the preparation of the Company's
published consolidated financial statements for the year ended 31 December
2024 except for the adoption of new and amended reporting standards, which are
effective for periods commencing on or after 1 January 2025. Various
amendments to standards and interpretations of standards are effective for
periods commencing on or after 1 January 2025 as detailed in the 2024 Annual
Report, none of which have any impact on reported results.
Amortisation of intangible assets
Software is amortised over its estimated useful life. Management estimated the
useful life of this asset to be within 10 years. Changes in the expected level
of usage and technological development could impact the economic useful life
therefore future amortisation could be revised.
The Group determines whether goodwill is impaired at least on an annual basis.
This requires an estimation of the value-in-use of the cash generating units
("CGU") to which goodwill is allocated. Estimating a value-in-use amount
requires management to make an estimation of the expected future cash flows
from the CGU and also to choose a suitable discount rate in order to calculate
the present value of those cash flows.
The research and development costs are amortised on a straight-line basis over
the life span of the developed assets. Management estimated the useful life of
these assets to be within 5 years. Changes in the technological developments
could impact the economic useful life and the residual values of these assets,
therefore future amortisation charges could be revised.
Impairment of goodwill on consolidation
The Group's cash flow projections include estimates of sales. However, if the
projected sales do not materialise there is a risk that the value of goodwill
would be impaired.
The Directors have carried out a detailed impairment review in respect of
goodwill. The Group assesses at each reporting date whether there is an
indication that an asset may be impaired, by considering cash flows forecasts.
The cash flow projections are based on the assumption that the Group can
realise projected sales. A prudent approach has been applied with no residual
value being factored. At the period end, based on these assumptions there was
no indication of impairment of the value of goodwill or of development costs.
Research and development costs
All research costs are recognised in the income statement as incurred.
Expenditure incurred on projects to develop new products is capitalised and
deferred only when the Group can demonstrate the technical feasibility of
completing the intangible asset so that it will be available for use or sale,
its intention to complete and its ability to use or sell the asset, how the
asset will generate future economic benefits, the availability of resources to
complete the project and the ability to measure reliably the expenditure
during the development. Product development expenditures which do not meet
these criteria are expensed when incurred.
Development costs, considered to have finite useful lives, are stated at cost
less any impairment losses and are amortised through other operating expenses
in the income statement using the straight-line basis over the commercial
lives of the underlying products not exceeding 5 years. Impairment is assessed
whenever there is an indication of impairment and the amortisation period and
method are also reviewed at least at each Statement of Financial Position
date.
11. Dividends
The Company has not proposed or declared an interim dividend.
7.
Loss per share
The basic loss per share is calculated by dividing the loss in the six month
period ended 30 June 2025 of £1,138,860 (30 June 2024: £1,672,674 and year
ended 31 December 2024: £3,446,067) attributable to owners of the parent by
the number of ordinary shares outstanding at 30 June 2025 of 106,298,780 (30
June 2024: 106,298,780 and 31 December 2024: 106,298,780).
There is no diluted earnings per share for the six month period ended 30 June
2025 as there were no outstanding dilutive share options during the period,
which had expired on 4 December 2024.
8.
Reconciliation of profit before tax to cash generated from operations
Six months Six months Financial year
ended Ended ended
30 June 2025 30 June 2024 31 Dec 2024
Unaudited Unaudited Audited
£ £ £
Cash flow used in operating activities
Loss before tax (1,001,512) (1,676,117) (3,497,382)
Adjustments for:
Amortisation of intangible assets 38,508 13,060 26,741
Amortisation of right-of-use assets 57,604 42,645 107,414
Bad debt written off - - 2,373
Depreciation of property, plant and equipment 87,754 104,160 193,939
Depreciation of investment property 3,172 3,012 6,168
Gain on disposal of property, plant & equipment (430) - (25,394)
Gain on termination of right-of-use assets - - (59)
Impairment loss on trade receivables - - 607,173
Gain on disposal of subsidiary - - (34)
Interest expenses 203,746 156,660 357,380
Interest income (12,746) (13,915) (46,246)
Property, plant and equipment written off - 45 115
Reversal on impairment loss on trade receivable - - (434,983)
Share of post-tax loss of equity accounted associates 109,634 157,630 584,896
Unrealised loss/(gain) on forex - - (3,253)
Operating loss before working capital changes (514,270) (1,212,820) (2,121,152)
Decrease in inventories 461,065 379,613 625,822
Increase in receivables (838,428) (588,199) (2,146,882)
Increase in amount due to directors & 468 23,000 16,532
shareholder
(Decrease)/Increase in payables (263,671) (520,412) 1,815,888
Cash used in operations (1,154,836) (1,918,818) (1,809,792)
9.
Contingent liabilities
In the period under review, corporate guarantees of RM44.1 million (£7.64
million) (H1 2024: RM29.1 million (£4.88 million)) were given to a licensed
bank by the Company for credit facilities granted to a subsidiary company.
10.
Significant accounting policies
The interim consolidated financial statements have been prepared applying the
same accounting policies that were applied in the preparation of the Company's
published consolidated financial statements for the year ended 31 December
2024 except for the adoption of new and amended reporting standards, which are
effective for periods commencing on or after 1 January 2025. Various
amendments to standards and interpretations of standards are effective for
periods commencing on or after 1 January 2025 as detailed in the 2024 Annual
Report, none of which have any impact on reported results.
Amortisation of intangible assets
Software is amortised over its estimated useful life. Management estimated the
useful life of this asset to be within 10 years. Changes in the expected level
of usage and technological development could impact the economic useful life
therefore future amortisation could be revised.
The Group determines whether goodwill is impaired at least on an annual basis.
This requires an estimation of the value-in-use of the cash generating units
("CGU") to which goodwill is allocated. Estimating a value-in-use amount
requires management to make an estimation of the expected future cash flows
from the CGU and also to choose a suitable discount rate in order to calculate
the present value of those cash flows.
The research and development costs are amortised on a straight-line basis over
the life span of the developed assets. Management estimated the useful life of
these assets to be within 5 years. Changes in the technological developments
could impact the economic useful life and the residual values of these assets,
therefore future amortisation charges could be revised.
Impairment of goodwill on consolidation
The Group's cash flow projections include estimates of sales. However, if the
projected sales do not materialise there is a risk that the value of goodwill
would be impaired.
The Directors have carried out a detailed impairment review in respect of
goodwill. The Group assesses at each reporting date whether there is an
indication that an asset may be impaired, by considering cash flows forecasts.
The cash flow projections are based on the assumption that the Group can
realise projected sales. A prudent approach has been applied with no residual
value being factored. At the period end, based on these assumptions there was
no indication of impairment of the value of goodwill or of development costs.
Research and development costs
All research costs are recognised in the income statement as incurred.
Expenditure incurred on projects to develop new products is capitalised and
deferred only when the Group can demonstrate the technical feasibility of
completing the intangible asset so that it will be available for use or sale,
its intention to complete and its ability to use or sell the asset, how the
asset will generate future economic benefits, the availability of resources to
complete the project and the ability to measure reliably the expenditure
during the development. Product development expenditures which do not meet
these criteria are expensed when incurred.
Development costs, considered to have finite useful lives, are stated at cost
less any impairment losses and are amortised through other operating expenses
in the income statement using the straight-line basis over the commercial
lives of the underlying products not exceeding 5 years. Impairment is assessed
whenever there is an indication of impairment and the amortisation period and
method are also reviewed at least at each Statement of Financial Position
date.
11.
Dividends
The Company has not proposed or declared an interim dividend.
12. Interim report
This interim financial statement will, in accordance with Rule 26 of the AIM
Rules for Companies, be available shortly on the Company's website at
www.mobilityone.com.my (http://www.mobilityone.com.my) .
-Ends-
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