Doing the biz down Mexico way
Results out today (2nd October 2013) from Mobile Streams, which describes itself as world’s biggest independent content retailer, show a massive leap in pre-tax profits – up 200 per cent at £4.8 million compared to £1.6 million last year.
Revenue also more than doubled from £22 million to nearly £54 million over the twelve months. Yet another achievement was a 201 per cent growth in mobile internet revenues, at £49.6 million compared to £16.5 million in 2012.
The Aim-listed company now has an active presence in six countries and employs more than 50 people around the world, though much of its success is down to continued growth in Latin America with operations in Colombia, Mexico and a recently launched mobile internet services in Brazil.
In a statement CEO Simon Buckingham announced today’s results as marking another “fantastic year,” though – somewhat surprisingly – it was only in July that he personally offloaded a quarter of a million shares at an average price of 72 pence, netting him more than £180,000. Last night they closed at 78 pence.
At the time Buckingham, who founded the company in 1999, cited “personal reasons” for the sell-off, pointing out that he still owns more than 17 million shares – equating to nearly half the company.
Investor confidence in the company has, however, been somewhat diminished by the belief that much of Mobile Stream’ss cash reserves are trapped in Argentina, where the government imposed currency controls at the beginning of last year.
Having started in selling Ringtones, Mobile Streams has since vastly expanded its content portfolio and which now includes games, apps, eBooks, music, pictures and videos.
This morning, in early trading, the company’s shares soared by more than 9 per cent to around 84 pence, before falling back to 7 per cent.
Wolfson Microelectronics sees millions wiped off its cap
* Shares in fellow Aim-listed firm Wolfson Microelectronics, which supplies audio components to the likes of Samsung, slumped by more than 13 per cent this morning after it warned that profits could be hit by the cancellation of product programmes at “a major customer” following a strategic review of its business, coupled with delays of some key programmes with other customers creeping into the first quarter of 2014. But it insisted that Q3 revenues, due to be unveiled later this month, would be broadly in line with expectations at around $44 million with those for Q4 in the range of $40 million to $50 million.