News blog
MobilityOne Ltd
- BY: Andrew Hore |
- POSTED: 07/11/2010 |
MobilityOne Ltd, which provides e-commerce infrastructure services and technology, has invested a lot of time and money in its technology and the benefits are showing through with the company expected to move into profit in 2011.
Malaysia-based MobilityOne started out providing mobile phone top-ups and has branched into mobile banking, bill payments, ticket purchasing and global cash remittance. All the technology has been developed internally.
MobilityOne has its own terminals but the number is unlikely to rise significantly because more transactions are being done via bank cash machines and mobile phones. Eight Malaysian banks have signed up and they have 10m account holders who could potentially use the company’s services.
The original mobile top-up business is growing by 10% a year and most people still use scratch cards for top-ups.
The company has gained Bumiputra status, which means it has enough Malay ownership to gain special native privileges. This provides access to government projects.
MobilityOne has expanded into Indonesia and is about to start trading in Cambodia but Malaysia still generates more than 90% of revenues. Only 5% of mobile top-ups are electronic in Cambodia and MobilityOne has agreements with six out of the nine mobule operators.
In the six months to June 2010, revenues increased 81% to £9.77m, against £13.7m for the whole of 2009. The interim loss was more than halved to £204,000.
The global remittance business has only just started to contribute revenues. MobilityOne recently gained its licence to operate the remittance business from the Malaysian Central Bank. A deal with Coinstar Money Transfer will make it easier to facilitate transfers around the world.
Net debt was £669,000 at the end of June 2010. There was an operational cash inflow of £222,000 in the first half of 2010, as well as £373,000 raised from disposals. However, most of the cash inflow was offset by exchange rate movements.
At 5p a share, MobilityOne is valued at £4.68m.
MobilityOne has just appointed Daniel Stewart as joint broker.
MobilityOne has settled its litigation with GHL Systems Berhad, Tay Beng Lock and Chin Fook Keong.
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