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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mobestar | LSE:MOBS | London | Ordinary Share | GB00B12B4Q16 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Mobestar Holdings Plc (the "Mobestar" or the "Group") Final results for the year ended 31 December 2007 CHAIRMAN'S STATEMENT `The board is confident that the Group's investment in technological innovation and development will lead to attractive returns to shareholders'. Results 2006 was a landmark year for the Group and we have made significant progress towards the achievement of our long term goals. Not only did our business successfully join AIM in April but our flagship mDate product development was completed and successfully launched at the 3GSM World Congress (the major trade event in the Group's market sector) and we signed a major international dating brand (Gaydar) as our first customer. Gaydar has in excess of 1 million subscribers in the UK alone. Client customisation, installation and testing are underway with live services which commenced on May 1 2007. The conclusion of 2006 has marked a sea change in our operations as we evolve from a development organisation to one that has a growing customer base of satisfied customers. Our first products are now completed and mature and 2007 will see the results of these significant developments. At the commencement of 2006 one of our major goals for 2007 was to reach 10,000,000 addressable customers with our products and solutions. This is now in sight and the largest question is not, if our products are taken up by global communities, but how quickly this can happen. Financial Turnover of £18,446 (2005: £26,487) represented sales of video based content under the mGlamour brand. This was a tactical activity designed to raise the profile of Mobestar amongst our target market audience. We do not plan to actively promote this activity in the future. Administrative expenses (including the costs associated with the AIM admission - £244,517) amounted to £2,027,500 (2005: £1,166,016). The loss for the year amounted to £1,936,966 (2005: £1,088,933). The Company raised approximately £1,300,000 by way of a private placing prior to its admission on AIM. Consistent with previous years the Group has continued its prudent management of resources and has maintained a strong balance sheet with £0.85million of net current assets at the year end including cash balances of £1.24million. Marketplace Mobestar offers a complete technology solution for mobile communities. Our first application, mDate, is a full feature dating platform for mobile devices including a live, anonymous, video calling facility. Our immediate market comprises pre-existing on-line dating and browser based social networking businesses. Such organisations are well aware of the latent revenue potential that may be realised by offering mobile video-based services to their existing subscribers. It is reasonable to assume that they will wish to access this inherently more profitable business model. Additionally, Mobestar's product combination makes it possible for any business, not just licensed dating and social-networking organisations, to offer mobile video-dating and community services. This extended mobile community market offers huge growth potential. The Group regularly attends, and presents at industry trade events and we have found the level of market interest shown in our products extremely encouraging. The company's standing in the mobile applications market place is rapidly gaining recognition and our goal of attaining a leadership position is within reach. This augurs well for the future. Strategy Following an in depth business review the board is convinced that a large-scale opportunity exists for its mDate, mSpace and FACE solutions together with the company's associated point products and services. The limiting factor is our capacity to meet the growing demand which we believe will be on a global scale. As a consequence the focus in the coming months will be on expanding our delivery and sales capability so as to accelerate the rate at which we can acquire customers, install our products and provide first rate customer support. Recent milestones in this process have been the completion of our sales and marketing plan which will be executed by the recently appointed Sales and Marketing director and the appointment of Head of Software Development to ramp up the delivery capabilities to new customers. Board and Staff I would like to pay tribute to our employees who are the true drivers behind our business. To date all of the success the company has achieved has been delivered by a small, highly skilled team under the leadership of Peter Richards. It is recognised that the business has now reached a stage in its development where further operational, technical and sales management and staff are required to enable the business to achieve its ambitious growth targets and properly address this worldwide market opportunity. Michael Wilkinson, who led the process to secure our successful flotation on the AIM market last April, has resigned from the company. Prospects As outlined above the Group has generated a wide level of serious interest in our target market sectors with the current and proposed product set. Our targeted prospective customer list comprise the top global community owners and brands and we are already engaged with a growing number of these potential customers to emulate the success that we have experienced in the UK Now as a public Group we believe that the business is in a unique position to take advantage of the commercial opportunities that have presented themselves. Our challenge in 2007 is to capitalise on and maximise the returns on the opportunities that become available to us. Paul Robinson Executive Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31 DECEMBER 2006 2006 2005 £ £ Turnover 18,446 26,487 Administrative expenses (1,832,085) (1,166,016) Administrative expenses - exceptional items (195,415) - Total administrative expenses (2,027,500) (1,166,016) Operating loss (2,009,054) (1,139,529) Interest receivable 72,088 50,596 Loss on ordinary activities before taxation (1,936,966) (1,088,933) Tax on loss on ordinary activities - - Loss for the financial year (1,936,966) (1,088,933) Basic and diluted loss per share (5.21p) (3.71p) All of the Group's operations are classed as continuing. There were no gains or losses other than those included in the above profit and loss account. CONSOLIDATED BALANCE SHEET as at 31 DECEMBER 2006 2006 2005 £ £ Fixed assets Intangible assets 594,622 101,139 Tangible fixed assets 40,297 28,185 634,919 129,324 Current assets Debtors 64,725 269,424 Cash at bank 1,239,323 1,791,458 1,304,048 2,060,882 Creditors: amounts falling due within (457,753) (365,141) one year Net current assets 846,295 1,695,741 Net assets 1,481,214 1,825,065 Capital and reserves Called up share capital 379,515 342,616 Share premium account 451,472 - Merger reserve 3,853,163 2,943,834 Share based payment reserve 195,415 - Profit and loss account (3,398,351) (1,461,385) Equity shareholders' funds 1,481,214 1,825,065 The accounts were approved by the Board of Directors on 16 May 2007 CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 DECEMBER 2006 Notes 2006 2005 £ £ Net cash outflow from operating 17 (1,734,856) (1,888,381) activities Returns on investments Interest received 72,088 50,596 Capital expenditure Purchase of intangible fixed assets (320,622) (106,000) Purchase of tangible fixed assets (36,827) (24,292) (357,449) (130,292) Cash outflow before financing (2,020,217) (1,968,077) Financing Issue of ordinary share capital 1,574,315 2,837,252 Expenses paid in respect of share (90,664) - issues 1,483,651 2,837,252 Decrease in cash in the year 18 (536,566) 869,175 Reconciliation of movements in equity 2006 2005 shareholders' funds - Group £ £ Loss for the financial year (1,936,966) (1,088,933) Issue of ordinary share capital 1,397,700 173,186 Shares to be issued 1,813,260 Credit to equity for share based payments 195,415 - Net (reduction)/addition to shareholders' funds (343,851) 897,513 Opening equity shareholders' funds 1,825,065 927,552 Closing equity shareholders' funds 1,481,214 1,825,065 Reconciliation of movements in equity 2006 shareholders' funds - Company £ Loss for the financial year (899,380) Issue of ordinary share capital 830,987 Credit to equity for share based 195,415 payments Net (reduction)/addition to 127,022 shareholders' funds Opening equity shareholders' funds - Closing equity shareholders' funds 127,022 Reconciliation of operating loss to net 2006 2005 cash outflow from operating activities £ £ Operating loss (2,009,054) (1,139,529) Depreciation 24,715 7,779 Amortisation charge 20,139 4,861 Share based payment 195,415 - Disposal of intangible fixed assets - 48,894 Decrease/(increase) in debtors 6,748 (1,083,636) Increase in creditors 27,181 273,250 Net cash outflow from operating (1,734,856) (1,888,381) activities Reconciliation of net cash flow to £ £ movement in net funds (Decrease)/increase in cash in the year (536,566) 869,175 Net funds at 1 January 1,773,746 904,571 Net funds at 31 December 1,237,180 1,773,746 Analysis of net funds At 1 January Cash At 31 December 2006 flow 2006 £ £ £ Cash in hand, at bank 1,791,458 (552,135) 1,239,323 Overdrafts (17,712) 15,569 (2,143) 1,773,746 (536,566) 1,237,180 Basis of preparation and consolidation The financial statements have been prepared under the historical cost basis of accounting and in accordance with applicable Accounting Standards in the United Kingdom. Under section 230(4) of the Companies Act 1985, the Company is exempt from the requirement to present its own profit and loss account. Basic and diluted loss per share The basic loss per share is based upon a loss of £1,936,966 (2005: £1,088,933) and the weighted average number of shares of 37,197,307 (2005: 29,335,475) in issue during the year. The share options (see note 13) have not been included as they are anti-dilutive. Annual general meeting The Annual General Meeting of Mobestar is to be held on 11 June 2007 at 11 am at Hotel Vier Jahreszeiten Kempinski, Maximilianstrasse 17, 80539 Munich, Germany. Contact:- Peter Richards, Chief Executive Officer Mobestar Holdings Plc (tel:- 08454 900 565) Liam Murray, Nominated Adviser City Financial Associates Limited (tel:- 020 7090 7800) END
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