Mobestar Holdings Plc (the "Company" or "Mobestar")
Interim results to 30 June 2006
The Board of the Company is pleased to announce its maiden interim results for
the six months to 30 June 2006. Mobestar was admitted to trading on AIM on 25
April 2006.
Highlights:-
* Development of the Company's flagship product (mDate) complete;
* mDate mobile video dating product successfully demonstrated at 3GSM World
Congress;
* Company admitted to the AIM Market of the London Stock Exchange on 25 April
2006, and
* Dual listing on Frankfurt Stock Exchange completed 27 June 2006
Commenting on the interim results, Peter Richards, Mobestar's Chief Executive
Officer said:
"I am pleased to report the progress that the company has made during the
period. Our investment in the development of our flagship technology is now
delivering results. With our technology completed and a substantial and growing
demand for mobile community applications worldwide, we view the future with
confidence."
For further information please contact:
Peter Richards, Chief Executive Officer
Mobestar Holdings Plc (tel:- 08454 900 565)
Michael Wilkinson, Chief Financial Officer
Mobestar Holdings Plc (tel: 08454 900 565)
Zuzanna Pasierbinska-Wilson
Custard PR (tel: 020 7494 6575)
Liam Murray
City Financial Associates Limited
Nominated Adviser (tel: 020 7090 7800)
Chairman's statement
Introduction
The first six months of this year have been an excellent period in Mobestar's
development. The Company has now established the foundations for a strong and
scalable business with a unique product in a growth market. Interest in our
flagship mobile community technology has exceeded expectations. The content
production side of our business, however, has experienced longer than expected
lead times between signing new content distributors and seeing revenues from
end users.
Operational review
The Company's primary focus during the period has been to complete the
development of its core strategic product mDate, which was launched in February
2006 at the 3GSM World Congress in Barcelona (the major trade event in the
Company's market sector). The Company has also been developing contacts within
targeted market sectors for its product, leading with dating.
The Directors are encouraged by the apparent demand for their product and
intend to expand the company's delivery infrastructure to meet the anticipated
additional demand.
Financial overview
During the 6 month period turnover amounted to �19,886. Administrative expenses
and the costs associated with the admission amounted to �1,154,589. The loss
for the six month period amounted to �1,095,741.
The Company raised approximately �1,300,000 by way of a private placing prior
to its admission to AIM. As at the 30 June 2006 the Company had cash resources
of �1,976,786. The Company continues to manage its cash resources prudently.
Outlook
The Company remains well placed to capitalise on its growth opportunities and,
working with dating brands, mobile operators and other commercial partners, we
look to the future with confidence.
Paul Robinson
Chairman
13 September 2006
Consolidated Profit And Loss Account
for the six months ended 30 June 2006
Notes Six months to Year ended 31
December 2005
30 June 2006
� �
Turnover 1 19,886 26,487
Administrative expenses (1,154,589) (1,166,016)
Operating loss (1,134,703) (1,139,529)
Interest receivable 38,962 50,596
Loss on ordinary activities before (1,095,741) (1,088,933)
taxation
Tax on loss on ordinary activities - -
Loss for the financial period (1,095,741) (1,088,933)
Loss per ordinary share
Basic loss per share (pence) 2 (2.98p) (3.02p)
Consolidated Balance Sheet
As at 30 June 2006
30 June 2006 31 December 2005
� �
Fixed assets
Intangible assets 247,133 101,139
Tangible 52,395 28,185
299,528 129,324
Current assets
Debtors 164,278 1,120,230
Cash at bank 1,976,786 1,791,458
2,141,064 2,911,688
Creditors: amounts falling due within one (389,962) (365,141)
year
Net current assets 1,751,102 2,546,547
Net assets 2,050,630 2,675,871
Capital and reserves
Called up share capital 379,515 360,487
Share premium account 451,472 -
Merger reserve 3,776,769 3,776,769
Profit and loss account (2,557,126) (1,461,385)
Shareholders' funds 2,050,630 2,675,871
Consolidated Cash Flow Statement
For the half year ended 30 June 2006
Six months to Year to 31
30 June 2006 December 2005
� �
Net cash outflow from operating activities (1,051,396) (1,037,569)
Returns on investment and servicing of finance
Interest received 38,962 50,596
Capital expenditure
Intangible fixed asset additions (150,160) (106,000)
Tangible fixed asset additions (34,886) (24,292)
(185,046) (130,292)
Net cash outflow before financing (1,197,480) (1,117,265)
Financing
Issue of ordinary share capital 1,643,142 173,186
Proceeds in respect of shares to be issued - 1,813,260
Expenses paid in respect of share issues (321,836) -
1,321,306 1,986,446
Increase in cash in the period 123,826 869,181
NOTES TO THE UNAUDITED INTERIM RESULTS
1 Accounting policies
The interim results for the six months ended 30 June 2006 are unaudited and do
not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985.
Basis of accounting
The accounts have been prepared under the historical cost convention and in
accordance with applicable accounting standards. A summary of the more
important accounting policies adopted are described below.
The shareholders of Mobestar Limited transferred their entire share holdings to
Mobestar Holdings Plc on 12 April 2006, as part of a share exchange in
consideration for the entire share capital of Mobestar Limited. On that day,
Mobestar Limited became a wholly owned subsidiary of Mobestar Holdings Plc.
The transaction qualifies as a group reconstruction within the meaning of
Financial Reporting Standard No.6 "Acquisition and Mergers", and has been
accounted for using the merger accounting method. Accordingly, the financial
statements for the current and prior period have been prepared as if Mobestar
Limited had been owned by Mobestar Holdings Plc throughout the current and
prior period. The results of Mobestar Limited for the year ended 31 December
2005 have been audited but the comparative information has been prepared as if
Mobestar Holdings Plc owned Mobestar Limited for the whole of the year ended 31
December 2005.
Basis of consolidation
The consolidated accounts incorporate the accounts of the Company and all its
subsidiary undertakings drawn up to 30 June 2006.
Intangible fixed assets
Licences
Intangible fixed assets are stated at cost less amortisation. Amortisation is
provided on cost in equal annual instalments over the period of the license
agreements.
Licences - 3 years straight line
Research and development
Development projects where reasonable certainty exists as regards technical and
commercial viability are capitalised and amortised over the expected product or
system life, commencing in the year when sales of the product are made for the
first time. Development costs previously recognised as an expense are not
recognised as an asset in a subsequent period. All other research and
development costs are written off in the year in which they are incurred.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is
provided on cost in equal annual instalments over the estimated useful lives of
the assets concerned. The following annual rates are used.
Computer equipment - 3 years straight line
Deferred taxation
Deferred tax is provided for on a full provision basis on all timing
differences, which have arisen but not reversed at the balance sheet date. No
timing differences are recognised in respect of gains on sale of assets where
those gains have been rolled over into replacement assets. Deferred tax assets
are recognised to the extent that they are recoverable, that is, on the basis
of all available evidence, it is more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying
timing differences can be deducted. Any assets and liabilities recognised have
not been discounted.
Turnover
Turnover represents amounts received from mobile content downloads, recognised
on an accruals basis and is stated net of VAT.
Leases
Rental costs under operating leases are charged to the profit and loss account
in equal annual amounts over the period of the leases.
2 Earnings per ordinary share
Basic earnings per share figures have been calculated based upon 36,805,616
(2005: 36,048,712) shares in issue, being the weighted average number of
ordinary shares in issue during the period.
3 Share capital �
Authorised
100,000,000 ordinary shares of 1p each 1,000,000
1 redeemable ordinary share of �50,000 50,000
1,050,000
Allotted and called up
37,951,490 ordinary shares of 1p each 379,515
One redeemable ordinary share of �50,000 -
379,515
One redeemable ordinary share of �50,000 was issued on 14 March 2006. The share
was redeemed on 19 April 2006.
On 19 April 2006 the Company granted options to employees to purchase a total
of 1,325,000 shares at an option price of �1.00 under an Enterprise Management
Incentive (EMI) Option Scheme. These options will vest on 19 April 2008. On 23
June 2006 a further round of options were issued to employees to purchase a
total of 450,000 shares at an option price of �0.305p. These options will vest
on 23 June 2008. The directors consider the charge in the period, as required
under FRS20, is not material to the interim results.
4 Reserves Share premium Profit and Merger
loss Reserve
account
� � �
At 1 January 2006 - (1,461,38) 3,776,769
Retained loss for the year - (1,095,74) -
Premium on shares issued 451,472 - -
At 30 June 2006 451,472 (2,557,12) 3,776,769
5. Capital commitments
The company has committed to approximately �260,000 of capital expenditure on
development projects. The nature of the work is such that the precise sum
payable on completion may vary although it is anticipated that any such
variance is not likely to be material.
End
Notes to the editor
Mobestar at a glance
Mobestar Holdings Plc offers a complete technology solution for mobile
communities. The company believes that the mobile channel is much more than
just an extension of an online community - it is becoming an essential
enhancement. Built around FACE, its patented mobile communications platform,
mobestar's white label solution turns any community into a live mobile, 24/7
service. Mobestar works with community-based brands, operator portals and third
party distributors. The company does not only provide a mobile solution, it
also provides the support needed to build and feed a popular mobile community.
Unlike a standard PC, a mobile phone is always on, always at hand and has a
video camera, microphone, speaker, plus support for micro-billing and
push-messages. Mobestar has discovered that these key differentiators are
creating a growing demand for its unique mobile community product."
Mobestar: technology solutions for mobile communities
Mobestar's technology is a white label, patented mobile communications
platform. Its integrated billing complies with both stand-alone third party and
operator solutions. Content and presentation adapts dynamically for different
mobile phones, catering for both the very latest and mass market handsets. The
platform makes it possible for internet communities and mobile operators to
take a new and profitable approach to mobile content and inter-user
communications.
Through mobestar's platform, mobile users can access and share optimised
content from their favourite internet communities. Operators can team up with
mobestar to provide mobile access to popular community services that complement
existing portal solutions with minimal cost or risk. Mobestar's FACE technology
also makes real-time, anonymous mobile communication possible, opening-up
additional revenue opportunities for companies in consumer markets where
anonymity is an essential requirement, such as dating. Mobestar's solution
includes a host of features for clients and their end users:
Mobile access to:
* Browse user profiles
* Messages
* Photo and video albums
* Favourite content
New revenue streams such as:
* Subscriptions
* Micro-payments for content
* Mobile profile enhancements
* Live calling and media messaging
* Mobile advertising
Mobile features like:
* Text, picture and video messaging
* Anonymous live voice and video calling
* Mobile blogging
* Positioning
* Presence
Mobestar is now marketing its technology solutions to a wide range of market
segments in the wired and wireless worlds. For more information please visit
www.mobestar.com.
END
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