Switching to app and games, Mobile Streams sees half year sales up 40% to £7.4 million

Mobile services outfit Mobile Streams (AIM:MOS) has announced its half year financials for the six months ending 31 December 2011.

Revenues were £7.4 million (around $11.5 million), up 40 percent year-on-year.

CEO Simon Buckingham highlighted a couple of aspects of the company's performance, pointing out, "In December, total revenues surpassed a new threshold level of £1.5 million with mobile internet revenues exceeding £1 million for the first time."

New wave

During the entire six months, mobile internet revenues grew 94 percent to £4.9 million (around $7.6 million).

Mobile Streams expects to break even during its FY11-12.

The main reason for its performance was a shift away from what it called 'ringtones type services' towards apps and games, with its Latin American business particularly strong.

Mobile Streams now has more than 1 million active subscribers in Argentina and 50,000 active subscribers in Mexico.

Roll out plan

The company has 37 contracts to provide services to operators and infrastructure outfits, including via its Appitalism open app store, of which 10 are live.

It ended the period with cash reserves of £0.7 million (around $1 million) and no debt.

This was down from £1.1 million ($1.7 million) cash on 30 June 2011, due to marketing costs and investments in its Appitalism platform.

[source: Mobile Streams]