Mobile content and services provider Mobile Streams has received the £2.3m owed by an Argentina-based customer and this boosted cash in the bank to £4.5m.
There had been £2.85m in the bank at the end of June 2013. The majority of the company’s cash is held in Argentina which has currency controls that stop the cash being transferred to the UK.
Mobile internet subscribers have almost doubled from 1.75m to 3.41m over the 12 months to June 2013. Most of the growth is in Argentina, Mexico and Colombia. The company is launching in Brazil in the current year. Revenues jumped from £22m to more than £50m in the year to June 2013. Management says that there was also an increase in earnings per share, but the amount was not specified in the trading statement.
Following the trading statement, chief executive and founder Simon Buckingham sold 245,000 at 72.66p a share, although he still owns 46.4% of the company.
At 66.5p a share, Mobile Streams is valued at £24.4m
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