⌘K

t

Interim Results - Gana Media Group PLC | RNS | Ticker

/Equities/AIMX/MOS/RNS

Interim Results

RNS Number : 8107C

Mobile Streams plc

31 March 2025

31^st March 2025

Mobile Streams plc

("MOS" or "the Company")

Interim Results

Mobile Streams plc, the AIM quoted mobile content and data intelligence company, is pleased to announce its unaudited interim results for the six months ended 31 December 2024. A copy of the Interims Results will be available on the Company's website, www.mobilestreams.com, and are set out below.

Highlights

Our focus has been on continued development of the Sports betting and on-line casino platform in Mexico. This work has progressed strongly during the half year to 31 December 2024 with ongoing support from Capital Media Sports SA and key partners in Mexico. Our revenue stream from this business has continued to grow as we support our Mexican Associate in the preparation of the consumer launch of the Sports Betting platform which was recently announced on 27^th March.

Operations in our legacy mobile data businesses continue to produce a modest gross profit and this helps to absorb a portion of the group's overhead expenses.

Revenue for the period was £415k, up from £169k in 2023, and continues to reflect growth from the development of the Sports Betting business in Mexico. Whilst MOS accounts for the direct profit/ loss from the Sports Betting business on an associate basis in the Income Statement, it also derives revenues itself from the provision of services directly to Estadio Gana (the formal name of the betting platform). Our pre-tax loss for the 6 months at £804k was higher than the loss of £289k in the 6 months to December 2023 and this reflects the scaling and focus of our support towards building a successful business in Mexico. I am very pleased to report that given the growing momentum to our sales we were able to reach our first month of operational profitability which was achieved in December 2024, as anticipated. This puts the group on a firm footing for the future and we expect to see further months of profitability across 2025.

During December 2024 we took the opportunity to strengthen our direct holding in our Mexican Bet Business Associate to take our position up to 25.87%. Post period end this was further indirectly increased by the proposed acquisition of up to 90% of CMS as announced on 20^th March 2025.

Throughout the period we have strengthened our balance sheet with the raising of £2.4m in equity, mostly via the exercising of warrants and this has led to a strong group cash position as at 31^st December 2024 of £1.3m. This has continued to increase post period end.

We continued to develop our platforms during the period. This is recorded as an intangible asset in the financial statements under IFRS with a net book value as at 31^st December 2024 of £528k. We believe however its trade sale value would be significantly higher based on market comparable platforms.

Outlook

The Company is now well positioned as a business, with strong and proprietary technology platforms. The Directors believe that the actions taken over the past year to December 2024 will enable the business to fully capitalise on the opportunities in Mexican Sports publishing and online betting and casino services. We continue to create synergies of revenue to the betting business from our existing product portfolio, including both digital merchandise (NFTs), LiveScores and mobilegaming.com sites. Accordingly, we remain on track in our transition to delivering operational profitability.

Mark Epstein, CEO, said:

"We are very pleased with the progress that the organisation has made in the past 6 months in the progression of the Mexican sports betting business and preparation of the Consumer launch. This has only been possible due to the quality and capability of our platforms combined with the dedication and skills of our team. Our Company is now transitioned and developing into a growing and profitable business."

CONSOLIDATED INCOME STATEMENT

	Unaudited		Unaudited	Audited
	6 months ended 31 December		6 months ended 31 December	12 months ended 30 June
	2024		2023	2024
	£000's		£000's	£000's
Revenue	415		169	436
Cost of sales	(20)		(21)	(46)
Gross profit	395		148	388
Selling and marketing costs	(14)		(34)	(82)
Administrative expenses **	(1,223)		(414)	(1,260)
Operating Loss	(841)		(300)	(953)

Finance income	37		11	6
Finance expense	-		-	-
Loss before tax	(804)		(289)	(947)

Share of after tax profit/ (loss) of associate	(33)		-	(12)
Tax expense	-		-	-
Loss for the period	(837)		(289)	(959)

Attributable to:
Attributable to equity shareholders of Mobile Streams Plc	(837)		(289)	(959)
	(837)		(289)	(3,789)

		Pence per share	Pence per share	Pence per share
Basic loss per share		(0.011)	(0.006)	(0.019)
Diluted loss per share		(0.011)	(0.006)	(0.019)

* *Administrative expenses include depreciation, amortisation, impairment and share based compensation.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Unaudited	Unaudited	Audited
	31-Dec-24	31-Dec-23	30-Jun-24
	£000's	£000's	£000's
Assets
Non- Current
Goodwill	-	-	-
Intangible assets	528	422	431
Investment in Associate	356	-	217
Other investments	193	-	56
	1,077	422	704
Current
Trade and other receivables	749	395	413
Unsettled share subscription monies**	-	407	-
Cash and cash equivalents	1,343	337	235
	2,072	1,139	648

Total assets	3,169	1,561	1,352

Equity
Equity attributable to equity holders of Mobile Streams plc
Called up share capital	1,213	864	973
Share Premium	24,272	21,909	22,149
Translation reserve	(2,940)	(3,050)	(3,050)
Share Based Payment Reserve	396	62	243
Retained earnings	(20,338)	(18,832)	(19,501)
Total equity	2,605	955	815

Trade and other payables	533	565	501
Bank debt	33	40	36
	566	605	537

Total liabilities	566	605	537

Total equity and liabilities	3,169	1,561	1,352

** The unsettled share subscription monies in the prior year at 31 December 2023 in the amount of £407,000 were received in full in the first four days of January 2024.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		Equity attributable to equity holders of Mobile Streams plc
			Called up share capital	Share premium	Translation reserve	Share-based payment reserve	Retained earnings	Non- Controlling Interest	Total Equity
			£000's	£000's	£000's	£000's	£000's	£000's	£000's
	Balance at 1 July 2021		567	16,765	(3,050)	13	(11,480)	1	2,816
	Loss for the 6 months		-	-	-	-	(639)	-	(639)
	Warrants charge		-	-	-	-	-	-	-
	Issue of shares		18	510	-	-	-	-	528
	Balance at 31 December 2021		585	17,275	(3,050)	13	(12,119)	-	2,705
	Loss for the 6 months		-	-	-	-	(2,125)	-	(2,125)
	Warrants charge		-	-	-	255	-	-	255
	Issue of shares		74	2,059	-	-	-	-	2,133
	Acquisition of 51% of KrunchData Limited		-	-	-	-	(763)	(1)	(764)
	Balance at 30 June 2022		659	19,334	(3,050)	268	(15,007)	-	2,204
	Prior Year Adjustment		-	-	-	(255)	255	-	-
	Balance at 1 July 2022		659	19,334	(3,050)	13	(14,752)	-	2,204
	Loss for the 6 months		-	-	-	-	(1,231)	-	(1,231)
	Share Options charge		-	-	-	-	-	-	-
	Issue of shares		98	1,418	-	-	-	-	1,516
	Balance at 31 December 2022		757	20,752	(3,050)	13	(15,983)	-	2,489
	Loss for the 6 months		-	-	-	-	(2,558)	-	(2,558)
	Share Options charge		-	-	-	12	-	-	12
	Issue of shares		11	579	-	-	-	-	590
	Balance at 30^th June 2023		768	21,331	(3,050)	25	(18,541)	-	533
	Loss for the 6 months		-	-	-	-	(289)	-	(289)
	Share Options charge		-	-	-	37	-	-	37
	Issue of shares		96	579	-	-	-	-	675
	Balance at 31^st December 2023		864	21,909	(3,050)	62	(18,832)	-	955
Loss for the 6 months			-	-	-	-	(669)	-	(669)
Share Options charge			-	-	-	181	-	-	181
Issue of shares			109	240	-	-	-	-	349
Balance at 30^th June 2024			973	22,149	(3,050)	243	(19,501)	-	815
Loss for the 6 months			-	-	-	-	(837)	-	(837)
Foreign exchange on translation			-	-	110	-	-	-	110
Share Options charge			-	-	-	153	-	-	153
Issue of shares			240	2,124	-	-	-	-	2,364
Balance at 31^st December 2024			1,213	24,273	(2,940)	396	(20,338)	-	2,605

CONSOLIDATED CASH FLOW STATEMENT

	Unaudited	Unaudited	Audited
	6 months ended 31 December 2024	6 months ended 31 December 2023	12 months ended 30 June 2024
	£000's	£000's	£000's
Operating activities
Profit before taxation	(804)	(289)	(947)
Adjustments:
Amortisation of intangible assets	66	-	168
Impairment of Intangible assets	-	(305)	(305)
Impairment of receivables	-	-	-
Share based payments expense	153	37	217
Profit on disposal of investment	-	-	-
Remuneration paid to Senior managers in shares	-	100	-
Consultant fees paid in shares	-	-	-
Interest received	(37)	(11)	(6)
Changes in Trade and other receivables	(237)	(246)	(265)
Changes in Trade and other payables	52	78	14
Total cash utilised in operating activities	(807)	(636)	(1,124)

Investing Activities
Additions to intangible assets	(163)	(116)	(294)
Acquisition - Investment in Associate	(176)	-	(229)
Acquisition - Investment in Equity Investment	(143)	-	(56)
Interest received	37	11	6
Interest paid	-	-	-
Net Cash used in investing activities	(444)	(105)	(573

Issue of share capital (net of expenses paid)	2,433	168	1,171
Fund raise expenses	(69)	-	(148)
Bank loan	(4)	(1)	(6)
Net Cash generated from financing activities	2,361	167	1,018

Net change in cash and cash equivalents	1,109	(575)	(659)
Cash and cash equivalents at beginning of period	235	913	913
Exchange (loss)/ gain on cash and cash equivalents	(1)	(1)	1
Cash and cash equivalents at end of period	1,343	337	235

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PREPARATION

The interim results of Mobile Streams plc are prepared in accordance with the requirements of IAS 34 Interim Financial Reporting as adopted by the EU and prepared in accordance with the accounting policies set out in the last financial statements for the 12 months ended 30 June 2024.

The interim results, which are not audited, do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006.

The comparative financial information for the twelve months ended 30 June 2024 has been extracted from the statutory accounts for that period. In addition, the financial information for the 6 months ended 31 December 2023 has been extracted from the unaudited Interim results which were published on 25 March 2024.

The full audited accounts of the Group for the 12 months ended 30 June 2024 were prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the UK and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS and have been delivered to the Registrar of Companies. All references to IFRS in these statements refer to IFRS as adopted by the UK.

The auditor's report on the financial statements for the 12 months ended 30 June 2024 was unqualified and did not contain statements under S498 (2) or S498 (3) of the Companies Act 2006.

2. SEGMENTAL REPORTING

As at 31 December 2024, the Group was organised into four geographical segments: Europe, North America, Latin America, and Asia Pacific. Revenues are from external customers only and generated from two principal business activities: the sale of mobile content through Multi-National Organisation's (Mobile Operator Services), and the provision of consulting and development support to Bet including NFT technology (Development, Marketing and Intelligence services) and Streams Data (Other Service Fees).

All operations are continuing and all inter-segment transfers, if any, are priced and carried out at arm's length. The segmental results for the 6 months ended 31 December 2024 were as follows:

£000's		Europe		Asia Pacific		North America		Latin America		Group
Mobile operator services	-		-		-		3		3
Other service fees	385		-		-		27		412
Total Revenue	385		-		-		30		415
Cost of sales	-		-		-		(20)		(20)
Gross profit	385		-		-		10		395
Operating expenses	(846)		(5)		-		(166)		(1,017)
EBITDA*	(461)		(5)		-		(156)		(622)
Depreciation, amortisation	(66)		-		-		-		(66)
Share based compensation	(153)		-		-		-		(153)
Finance income	37		-		-		-		37
Profit/(Loss) before tax	(643)		(5)		-		(156)		(804)
Income tax expense	-		-		-		-		-
Share of after-tax result of Associate	(33)		-		-		-		(33)
Profit/(Loss) after tax	(676)		(5)		-		(156)		(837)
*Calculated as profit before tax, interest, amortization, depreciation, share compensation expense and impairment of assets.

The segmental results for the 6 months ended 31 December 2023 were as follows:

£000's	Europe	Asia Pacific	North America	Latin America	Group
Mobile operator sales	-	-	-	36	36
Other service fees (NFT)	133	-	-	-	133
Total Revenue	133	-	-	36	169
Cost of sales	-	-	-	(21)	(21)
Gross profit	133	-	-	15	148
Operating expenses	(570)	(4)	-	(142)	(717)
EBITDA*	(438)	(4)	-	(127)	(568)
Depreciation, amortisation	305	-	-	-	305
Share based compensation	(37)	-	-	-	(37)
Finance income	-	-	-	11	11
Profit/(Loss) before tax	(170)	(4)	-	(116)	(289)
Income tax expense	-	-	-	-	-
Share of after-tax result of Associate	-	-	-	-	-
Profit/(Loss) after tax	(170)	(4)	-	(116)	(289)
*Calculated as profit before tax, interest, amortization, depreciation, share compensation expense and impairment of assets.

3. EARNINGS PER SHARE

Earnings per share

Earnings per share is calculated by dividing the(loss)/profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

	Unaudited	Unaudited	Audited
	6 months ended 31 December 2024	6 months ended 31 December 2023	12 months ended 30 June 2024
	£000's	£000's	£000's

Loss for the period	(837)	(289)	(959)
Loss earnings per share (pence):
Basic	(0.011)	(0.006)	(0.019)
Diluted	(0.011)	(0.006)	(0.019)

Adjusted earnings per share

Adjusted earnings per share is calculated to reflect the underlying profitability of the business by excluding non-cash charges for depreciation, amortisation, impairments and share compensation charges.

	6 months ended 31 December 2024	6 months ended 31 December 2023	12 months ended 30 June 2024
	£000's	£000's	£000's

Loss for the period	(837)	(289)	(959)
Add back: share compensation expense	153	72	217
Add back: depreciation and amortisation	66	(305)	168
Adjusted Loss for the period	(618)	(557)	(575)

	Pence per share	Pence per share	Pence per share
Adjusted loss per share	(0.008)	(0.012)	(0.011)
Adjusted diluted loss per share	(0.008)	(0.012)	(0.011)

Weighted average number of shares
	6 months ended 31 December 2024	6 months ended 31 December 2023	12 months ended 30 June 2024
Basic	7,817,115,725	4,469,228,885	5,168,165,880
Exercisable share options	-	-	-
Diluted	7,817,115,725	4,469,228,885	5,168,165,880

Diluted (loss)/earnings per share is calculated adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has only one category of ordinary shares.

The adjusted EPS has been calculated to reflect the underlying profitability of the business by excluding non-cash charges for depreciation, amortisation, impairments and share compensation charges.

4. GOING CONCERN

The Group had cash balances of £1.3m at 31 December 2024 (30 June 2023: £0.3m). Having reviewed cash flow forecasts and budgets for the year ahead the Directors have a reasonable expectation that the Group has resources to continue in operational existence for the foreseeable future.

5. FOREIGN CURRENCY TRANSLATION

(a) Presentational currency

The consolidated financial statements are presented in British Pounds, which is also the functional currency of the parent entity.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date the transaction occurs. Any exchange gains or losses resulting from these transactions and from the translation of monetary assets and liabilities at the balance sheet date are reported in the income statement except when these represent a net investment in a subsidiary when they are charged or credited to equity.

Foreign currency balances are translated at the balance sheet date using exchange rates prevailing at the period end.

(c) Group companies

The financial results and position of all group entities that have a functional currency different from the presentational currency of the Group are translated into the presentational currency as follows:

i. assets and liabilities for each balance sheet are translated at the closing exchange rate at the date of the balance sheet

ii. income and expenses for each income statement are translated at average exchange rates (unless it is not a reasonable approximation to the exchange rate at the date of transaction)

iii. all resulting exchange differences are recognised as a separate component of equity (translation reserve)

iv. The exchange rates used in respect of Argentinean Pesos are the official published exchange rates.

6. Intangible assets

	Intangibles acquired: Platform Development & Software	Intangibles added internally Streams	Subtotal	Goodwill	Total
	£'000	£'000	£'000	£'000	£'000
Cost or valuation:
At 1 Jan 2023	485	485	970	360	1,330
Additions	-	141	141	-	141
Disposals	-	-	-	-	-
At 30 June 2023	485	626	1,111	360	1,471
Additions	-	116	116	-	116
Disposals	-	-	-	-	-
At 31 December 2023	485	742	1,227	360	1,587
Additions	-	-		-
Disposals	-	178	178	-
At 30 June 2024	485	920	1,405	360	1,765
Additions	-	163	163	-	163
Disposals	-	-		-
At 31 December 2024	485	1,083	1,568	360	1,928

Amortisation:
At 1 Jan 2023	324	254	578	-	578
Charge for the period	117	68	185		185
Disposals	-	-	-		-
Impairment	44	304	348	360	708
At 30 June 2023	485	626	1,111	360	1,471
Charge for the period	-	-	-	-	-
Disposals	-	-	-	-	-
Reversal of Impairment	(36)	(269)	(305)	-	(305)
31 December 2023	449	357	806	360	1,166
Charge for the period	36	132	168	-	168
Disposals	-	-	-	-	-
At 30 June 2024	485	489	974	360	1,334
Charge for the period	-	66	66	-	66
Disposals	-	-	-	-	-
At 31 December 2024	485	555	1,040	360	1,400

Carrying amount:
At 31 December 2023	36	390	422	-	422
At 30 June 2024	-	431	431	-	431
At 31 December 2024	-	528	528	-	528

During the 6 months to 31^st December 2024 the group recognised further capitalised development costs on Streams Data platform in the amount of £163,000.

7. Investment in Associates

Investment in Associates	31 December 2024	30 June 2024
	£000's	£000's
At 1^st July b/f	217	-
Exchange adjustments	(4)
Additions	176	229
Disposals	-	-
Distributions received	-	-
Profit / (loss) after tax recognised in the consolidated income statement	(33)	(12)
Impairment of interest in Associate	-	-
At 30^th December 2024	356	217

On 1^st February 2024 the group acquired a 25% direct interest in Estadio Gana, a company duly incorporated and governed by the laws of Mexico. From 30^th April 2024 this stake became diluted to 22.72% as an additional investor was onboarded. The Group accounts for investments in associates using the equity method of accounting. In December 2024 the group purchased additional shares to increase its direct stake up to 25.96%. Summarised income statement information in respect of Estadio Gana for the period ending 31^st December 2024 is set-out below as well as the financial position at 31 December 2024. These results represent the earnings and financial position of the Associate based on the entity's unaudited management accounts. The group's share of after-tax losses of associates in the 6 months to 31 December 2024 was £33k (2023: £nil)

		6 months to December 2024		6 months to June 2024
		£000's		£000's
Turnover		-		-
Profit / (loss) after tax		(146)		(49)
Total comprehensive income		(146)		(49)

			31 Dec 2024		30 June 2024
	Estadio Gana Financial Position		£000's		£000's
	Intangible Assets		996		675
	Trade receivables		65		105
	Prepayments		266		175
	Cash and cash equivalents		90		345
	Total assets		1,417		1,300
	VAT payable		-		(6)
	Trade payables		(566)		(173)
	Total Current liabilities		(564)		(179)
	Net assets		851		1,121

	Capital and reserves
	Called up share capital		1,243		1,243
	Fx reserve		(196)		(73)
	Retained Losses		(195)		(49)
	Shareholders deficit / Shareholders funds		851		1,121

During the 6months to 31 December 2024 the Group provided £385,000 of Development, Marketing and Intelligence services to EstadioGana and £27,000 of payroll services. At 31^st December 2025 Estadio Gana owes the group £552,000. Estadio Gana's principal activity is the development of the Sports betting business in Mexico which it expects to launch to consumers during March 2025.

8. Other Investments

The group continues to hold a 10.0% interest in Capital Media Sports S.A. de C.V., a company duly incorporated and governed by the laws of Mexico Capital Media Sports. (31 December 2023: Nil).

9. Share Capital and Reserves

	31 Dec 2024	31 Dec 2023	30 June 2024
	£000s	£000's	£000's
Ordinary Share capital	1,213	864	973
Share premium	24,272	21,909	22,149
Translation Reserve	(2,940)	(3,050)	(3,050)
Share Based Payment reserve	396	62	243
Retained earnings	(20,319)	(18,832)	(19,501)
	2,622	955	815

The total number of Ordinary Shares in issue as at 31 Dec 2024 was 8,825,217,939 with a par value of 0.01 pence per share (31 Dec 2023: 5,333,941,619 with a par value of 0.01 pence per share). In addition, there are 140,753,533 Deferred Shares of 0.19 pence nominal value each in issue. The Deferred Shares, as their name suggests, have very limited rights which are deferred to the Ordinary Shares and effectively carry no value as a result.

Allotted, called up and fully paid	6 months ended 31 Dec 2024	6 months ended 31 Dec 2023	Year ended 30 June 2024
In issue at start of period	6,424,115,963	4,369,655,903	4,369,655,903
Issued during the period	2,401,101,976	964,285,716	2,054,460,058
In issue at end of period	8,825,217,939	5,333,941,619	6,424,115,963

The balance in the share premium account represents the proceeds received above the nominal value on the issue of the Company's equity share capital.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

Mobile Streams plc

John Barker, Chairman

+44 7711 920 865

www.mobilestreams.com

Beaumont Cornish (Nominated Adviser)

James Biddle and Roland Cornish

+44 (0) 20 7628 3396

Peterhouse Capital Limited (Broker)

Lucy Williams and Duncan Vasey

+44 (0) 20 7469 0930

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR SDEFMSEISEED

TIDM	MOS
Share Price	Loading...
Market Cap	Loading...

Date	31 Mar 2025
Time	07:00:11
Category	Results
ID	8107C

TIDM	MOS
Share Price	Loading...
Market Cap	Loading...

Date	31 Mar 2025
Time	07:00:11
Category	Results
ID	8107C

t

t

Company Information

AI Summary

RNS Metadata

Company Information

AI Summary

RNS Metadata

Interim Results

1. BASIS OF PREPARATION

2. SEGMENTAL REPORTING