SMARTPHONE content retailer Mobile Streams, chaired by media entrepreneur Roger Parry, said yesterday its annual profits doubled in 2013 to £4.8m following huge growth in the company’s Latin America operations.
But the company’s share price fell over 10 per cent as Mobile Stream’s cash in Argentina, some 73 per cent of the company’s total, remains trapped following currency controls in 2012 that have hindered the repatriation of funds to the company.
“We’ve diversified our cash generation, a year ago 94 per cent of our cash was in Argentina, now we’re down to 73 per cent and falling. We’re continuing to build our business in Mexico, Colombia and Brazil, where we launched last week. The reality is that as a portion of our overall cash [Argentina] is decreasing,” Mobile Streams chief executive Simon Buckingham told City A.M.
Revenues for the company jumped 145 per cent to £53.9m for the year ending 30 June.
Mobile Streams’ share price closed at 68p in London yesterday.