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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 |
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Mobestar
Mobestar Holdings Plc ("Mobestar" or the "Group")
Half yearly report to 30 June 2008
Financial Highlights
-- Turnover for the 6 months to 30 June 2008: £120,000 (2007 £1,000)
-- Administrative expenses £547,000 (2007 £2,184,000)
-- Administrative expenses excluding depreciation, amortisation and
impairment charges £448,000 (2007 £1,096,000)
Analysis of quarterly revenues
Quarter to Quarter to Quarter to % Change
31/12/07 31/03/08 30/06/08 between Q4
£'000 £'000 £'000 2007 & Q2
2008
Revenue 30 52 68 +127%
Loss before tax (466) (243) (193) -59%
-- The Group has had 3 consecutive quarters of revenue growth.
-- The Group has secured research and development tax credit refunds for
its cutting edge software development for the years 2005, 2006 and 2007
totalling £254,000
Chief Executive Officer's Operational Review
The first half of the year has been one of good progress as the Group moves from
its development stage and concentrates on securing and delivering new contracts
with recurring monthly revenues providing the Group with a robust business
model. Six months ago the Group had a single customer and three early stage
contracts. Today the Group has secured its tenth brand of which, half have now
been delivered and the Group is now earning increasing revenues quarter on
quarter.
Significant events during the half year are set out below:-
-- Gaydar (www.gaydarmobile.co.uk) has now successfully deployed mDate in
the UK, Australia and Spain and will soon go live in an additional five
countries giving the company a total of 8 revenue streams;
-- Global Personals went live on their first dating brand with mDate
(www.singles365mobile.com) and plan to deploy an additional 20 brands by
the year end - each of which will become new recurring revenue streams;
-- Bonefish (www.bonefish.com) went live on mCast, the company's mobile
marketing solution;
-- 5 new customers since the year end including international customers
Telefutures, IMCI (Netherlands) and Bronzedot (USA);
-- Professional Services Division is created with first new customer;
-- The Mobestar board of Directors has been strengthened by Steven Doyle
Chief, Technical Officer;
-- The Group has secured its first advertising driven dating community Mint
Date in the US;
-- 2nd Connection (www.2ndConnection.com), the Group's first B2C mobile and
internet community is launched using the Group's technologies, and
-- mSpace, the Group's mobile social networking application is released.
Chairman's Statement
Since April 2008 the Group has secured a regular flow of revenue share based
contracts with major brands. This is encouraging because of the rate at which
contracts are being secured and the large audience sizes addressed. The Group
derives no income from these contracts unless and until the underlying services
is brought to market.
To complement its revenue share products the Group has introduced a Professional
Service Division to assist customers in implementing mobile technology and
business initiatives. This division is anticipated to generate cash at the
project implementation stage.
As the mobile phone screen joins the television and computer screen as a
mainstream content and advertising platform, management believe the Group's
contracts will enter a period of rapid expansion and that the flow of contracts
seen thus far will rapidly increase.
Paul Robinson
Chairman
Condensed consolidated interim income statement
6 months to 6 months to Year ended 31
30 June 30 June December
2008 2007 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 120 1 63
--------------- --------------- ----------------
Amortisation of intangible assets (45) (316) -
Impairment of intangible assets - (758) (188)
Other administrative costs (502) (1,110) (2,063)
--------------- --------------- ----------------
Total administrative costs (547) (2,184) (2,251)
Excess arising from the business combination - 2,653 -
--------------- --------------- ----------------
Operating (loss)/profit (427) 470 (2,188)
Finance income 2 24 33
Finance costs (11) (9) (15)
--------------- --------------- ----------------
Net finance (cost)/income (9) 15 18
--------------- --------------- ----------------
(Loss)/profit before tax (436) 485 (2,170)
Income tax - 89 254
--------------- --------------- ----------------
(Loss)/profit for the period attributable to
equity shareholders of the parent (436) 574 1,916
=============== =============== ================
(Loss)/earnings per share from both
total and continuing operations:
Pence Pence Pence
Basic and diluted (1.1) 1.48 (4.91)
=============== ============== ================
All results for the Group are derived from continuing operations in both the
current and preceding periods.
Condensed consolidated interim balance sheet
30 June 30 June 31 December
2008 2007 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
ASSETS
Non-current assets
Intangible assets 683 4,426 729
Property, plant and equipment 23 48 101
--------------- -------------- ----------------
706 4,474 830
--------------- -------------- ----------------
Current assets
Trade and other receivables 216 135 349
Cash and cash equivalents 31 840 34
--------------- -------------- ----------------
247 975 383
--------------- -------------- ----------------
TOTAL ASSETS 953 5,449 1,213
=============== ============== ================
LIABILITIES
Current liabilities
Trade and other payables 494 1420 894
Financial liabilities - borrowings 125 162 125
--------------- -------------- ----------------
619 1,582 1,019
--------------- -------------- ----------------
Non-current liabilities
Financial liabilities - borrowings 21 125 63
Deferred tax liabilities - 1,240 -
--------------- -------------- ----------------
Total non-current liabilities 21 1,365 63
--------------- -------------- ----------------
TOTAL LIABILITIES 640 2,947 1,082
--------------- -------------- ----------------
NET ASSETS 313 2,502 131
=============== ============== ================
EQUITY
Equity attributable to EQUITY shareholders of
the parent
Share capital 449 383 396
Share premium account 933 733 590
Warrants reserve 418 - 138
Merger reserve 3853 3,853 3,853
Share based payment reserve 410 357 468
Retained earnings (5,750) (2,824) (5,314)
--------------- -------------- ----------------
TOTAL EQUITY 313 2,502 131
=============== ============== ================
Condensed consolidated interim cash flow statement
6 months to Year ended 31
6 months to 30 June December
30 June 2008 2007 2007
Operating Activities (unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
(Loss)/profit after taxation (436) 574 (2,170)
Adjustments for:
Finance income (2) (24) (33)
Finance costs 11 9 15
Depreciation of property, plant, &
equipment 28 14 65
Loss on disposal of property, plant and
equipment 26 - 3
Amortisation of intangible assets 45 316 -
Impairment of intangible assets - 758 188
Income tax expense - (89)
Share based payment charge (58) 162 273
Excess arising from the business
combination - (2,653) -
(Increase) in trade and other receivables (3) (70) (30)
(Decrease)/increase in trade and other
payables (225) 188 88
------------------- --------------------- -------------------
Net cash used in operating activities (614) (815) (1,601)
------------------- --------------------- -------------------
Investing activities
Purchase of intangible assets - (163) (29)
Purchase of property, plant and equipment - (15) (72)
Interest received 2 24 33
------------------- --------------------- -------------------
Net cash used in investing activities 2 (154) (68)
------------------- --------------------- -------------------
Financing activities
Interest paid (11) - (15)
Proceeds from issue of ordinary share
capital and warrants net of issue costs 500 285 293
Proceeds from sale of property, plant and
equipment 24 - -
Refund of research and development tax
credits 138 - -
Proceeds from issue of new loan - 250 250
Repayment of loan (42) - (62)
------------------- --------------------- -------------------
Net cash from financing activities 609 535 466
------------------- --------------------- -------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (3) (434) (1,203)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 34 1,237 1,237
------------------- --------------------- -------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 31 803 34
=================== ===================== ===================
Notes to the condensed consolidated interim report
1 Nature of operations and general information
Mobestar Holdings plc and its subsidiary's ("the Group") principal activity is
the provision of mobile community services.
Mobestar Holdings plc ("Mobestar") is the Group's ultimate parent company.
Mobestar is incorporated and domiciled in Great Britain. The shares of Mobestar
are listed on the London Stock Exchange Alternative Investment Market. The
Group's registered address is Unit 46 Surrey Technology Centre, 40 Occam Road,
Surrey Research Park, Guildford, Surrey GU2 7YG.
2 Basis of preparation
The interim consolidated financial statements has been prepared in accordance
with AIM Rules for companies and have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted for use in the
European Union. As permitted, the Group has chosen not to adopt IAS 34 - Interim
Financial Statements, in preparing these interim consolidated financial
statements.
The interim consolidated financial statements are unaudited and do not
constitute statutory accounts as defined in section 240 of the Companies Act
1985. The interim consolidated financial statements should be read in
conjunction with the consolidated financial statements for the year ended 31
December 2007.
The statutory accounts for the year ended 31 December 2007 have been delivered
to the Registrar of Companies. The report of the auditors on those accounts was
unqualified and did not contain statements under Section 237(2)or (3) of the
Companies Act 1985.
3 Share capital
6 months to 30 6 months to 30 Year ended 31
June 2008 June 2007 December 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Authorised
100,000,000 ordinary shares of 1p
each 1,000 1,000 1,000
1 redeemable ordinary share of
£50,000 50 50 50
============== ============== =============
Issued and fully paid
As at start of period 396 380 380
Issue of share capital 52 3 16
-------------- -------------- -------------
As at end of period 448 383 396
============== ============== =============
The Company had one class of ordinary shares which carry no right to fixed
income.
During the period the Group issued 3,898,078 shares for £550,000 to raise
working capital. The group issued 1,346,154 shares to satisfy 50% of the
deferred consideration of Mobile Life.
At the 30 June 2008 the Group had issued a total of 44,845,722 ordinary shares.
4 Earning per share
The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders divided by the average number of shares in
issue during the year. Share options granted to employees are considered
anti-dilutive.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below.
6 months to 6 months to Year to 31
30 June 30 June December
2008 2007 2007
(unaudited) (unaudited) (audited)
(Loss)/ profit after tax (£'000) (436) 574 (1,916)
Weighted average number of shares 41,349,567 38,826,490 39,022,323
Basic and diluted earnings per share (pence) (1.1) 1.48 (4.91)
============= ============== ===============
5 Dividends
The directors do not propose the payment of a dividend for the period.
These consolidated interim financial statements for the half year ended 30 June
2008 and for the comparative half year ended 30 June 2007 were approved and
authorised for issue by the Board of Directors on 9 July 2008.
For further information please contact:
Mobestar Holdings plc
Peter Richards, Chief Executive Officer
Tel: 08454 900 565
Nominated Adviser
Dowgate Capital Advisers Limited
Liam Murray
Tel: 020 7492 4777
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