Transferring more cash out of Argentina has helped the Mobile Streams share price recover although it remains around one-third of the level at the beginning of the year.
The share price rose 5.13p to 29.5p, which values the mobile content and services provider at £10.9m.
Third quarter revenues declined from £14.5m to £11m because of the devaluation of the Argentine Peso. Revenues in the original currencies rose by 12%. Mobile Streams fell into loss in January but moved back into profit in February and March. There was an overall loss in the third quarter. Marketing spending grew in the period but some of these costs have been renegotiated.
In the six months to December 2013, revenues improved from £23.7m to £27m while pre-tax profit dipped from £1.9m to £1.12m.
Active mobile internet subscribers, who have made a purchase in the past two months, have passed 4.2m.
There was £2.85m in the bank at the end of March 2014 and the amount of cash in Argentina has fallen to £600,000. The amount held outside Argentina has increased from £1.3m in January to £2.25m at the end of March 2014. The total cash figure has declined from £4.1m in January and much of that decline is likely to be due to the Peso devaluation.
Despite the decline in the cash, Mobile Streams is in a stronger position now that most of its cash is not in Argentina.
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