Mobile content provider Mobile Streams has more than 2.5m active subscribers, up from 1.75m at the end of June.
Revenues were around £14m in the four months to October 2012 and trading is ahead of expectations. EBITDA is more than £1m. In the year to June 2012, revenues were £22m and underlying EBITDA was £2m.
The vast majority of revenues come from Latin America. Changes to the financial regime n Argentina made it difficult to transfer cash out of the country. The finance operations of the company are being moved to Argentina and a new finance director will be appointed. Mobile Streams has 94% of its cash of £1.8m in Argentina.
A provision of £120,000 has been made for potential German tax, although the claim is for more than that. The company had said that the liability could be up to £300,000.
At 19.25p a share, Mobile Streams is valued at £7.02m. The share price has declined by two-fifths in less than two months.
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