Fonix PLC Change of regulation in Republic of Ireland

RNS Number : 6796I

Fonix PLC

18 October 2024

 

Fonix plc

("Fonix" or the "Company")

Change of regulation in Republic of Ireland

 

In the Republic of Ireland, the Gambling Regulation Bill (the "Bill"), which has been under consideration in the Irish Parliament since December 2022, and previously noted by the Company, has been approved by the Oireachtas (the Parliament of Ireland) and will pass into law once enacted by the President. The Bill aims to establish a new Gambling Regulatory Authority of Ireland (the "Regulator") to oversee licensing and regulation of gambling, betting, and certain lotteries in the country.

The final Bill contains no specific references to broadcaster prize draw competitions ("Prize Draws"), and in particular those containing a 'no purchase necessary' route of entry. It is therefore not clear whether the legislation covers 'no purchase necessary' Prize Draws.  To that end, our Irish broadcaster customers, which represented the vast majority of the Company's revenue outside the UK in FY24, are continuing to seek legal advice over the potential impact, if any, of the Bill on their business.

The Company's current expectations are for customer services in Ireland to continue to operate unchanged, although it is recognised this could change as the regulatory position becomes clearer or an implementation plan is released by the new Regulator that provides further clarity. As such, market expectations for the current financial year remain unchanged.

 

Enquiries

Fonix Mobile plc                                                                                                           Tel: [phone]

Robert Weisz, CEO

Michael Foulkes, CFO

 

Cavendish Capital Markets Limited (Nomad and Broker)              Tel: [phone]

Jonny Franklin-Adams / Seamus Fricker (Corporate Finance)

Sunila de Silva/ Harriet Ward (ECM)

 

About Fonix

Founded in 2006, Fonix provides mobile payments and messaging services for clients across media, telecoms, entertainment, enterprise and commerce.

When consumers make payments, they are charged to their mobile phone bill. This service can be used for ticketing, content, cash deposits and donations. Fonix's service works by charging digital payments to the mobile phone bill, either via carrier billing or SMS billing. Fonix also offers messaging solutions.

Based in London, Fonix is a fast growth business driven by blue chip clients such as ITV, Bauer Media, RTÉ, Global Media, Comic Relief and BBC Children in Need to name a few.

 

 

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