Mobile Streams plc, the AIM-quoted mobile content and data intelligence company, is pleased to provide the results of the AGM held earlier today, and a trading update.
At the AGM held today at 10:00am, all resolutions were passed.
Trading remains in line with the indications given in the RNS on 16 December 2020.
The Streams Data business, comprising the bespoke data insight, intelligence and visualisation service which achieved first revenues in June 2020, and the Streams SaaS (“Software as a Service”) platform which generated initial customer revenues in October, is contributing increasing revenue to the business on an ongoing basis, with revenue in December of £9,000.
Both revenues and customer growth, remain ahead of our internal forecast, and monthly Streams Data revenue equalled the net revenue brought in via the legacy business for the first time in December. We expect that revenues from Streams Data will overtake net revenue from the legacy business for the first time this month. In addition, the business as a whole is now bringing in more revenue overall per month than at any time since the new management team has been in place.
This month has already seen the launch of new AI insight functionality and a significant update to our Streams Data SaaS website. In addition to this we will also be introducing a new major new content creation and publishing feature at the end of this month, enabling users both to create and then to publish directly from Streams.
With our pipeline of product development and marketing, we expect to see significant growth in 2021, with additional higher price points to come. We also anticipate launching the Streams Data service in other key global markets during the next year.
Revenue for the legacy content business continues to decline (December £9,000), although has remained in line with internal expectations.
The Company has cash of £1.0m, with no debt. Based on the expectations of significant growth for Streams Data and continued tight cost controls, the Company expects to reach break-even in the next financial year, and therefore these funds are expected to cover the Company’s working capital requirements for the foreseeable future.
Nigel Burton, Non-Executive Director, said:
“We are pleased with the Streams results to date and expect to achieve significant growth in the data business in the year ahead.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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