News blog

MobilityOne Ltd

• BY: Andrew Hore |
• POSTED: 12/03/2014 |

MobilityOne Ltd, which provides e-commerce infrastructure services and technology, is selling its loss-making Indonesian business for 65p.

The business lost £219,000 on revenues of £100,000. There was no apparent likelihood of an improvement in the performance of the Indonesian subsidiary or the loss-making Cambodian business, which has been closed. 

The group expects to report higher revenues for 2013 but the losses in Indonesia, Cambodia and the Philippines plus a write down in the value of assets will mean that MobilityOne will lose money. Management believes that trading will improve in 2014 with the removal of losses in Indonesia and Cambodia and further cost cutting. There will also be additional business from kiosks provided for the Felda group of companies’ migrant workers. The Philippines is starting to generate revenues from a contract with a betting company.

At 2.38p a share, down 0.25p, MobilityOne is valued at £2.53m.

The 2013 figures will be published in June.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFFebruary2014_53.pdf