DGAP-News: Mobile Loyalty PLC: Second quarter 2012 update
(firmenpresse) - DGAP-News: Mobile Loyalty PLC / Key word(s): Quarter Results
Mobile Loyalty PLC: Second quarter 2012 update
31.08.2012 / 10:15
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Second quarter 2012 update
London/Frankfurt/Malmö, 31 August 2012
Mobile Loyalty plc, the mobile advertising company traded on Frankfurt Open
Market (ticker: M8L) and AktieTorget, Stockholm (ticker: MOBI SDB) (the
'Group'), announces an unaudited operational and financial update for the
second quarter of 2012, ended 30 June 2012.
Second quarter 2012 in short:
- The Group continues to receive strong interest in its existing and new
services. The Group continues to make significant investments according
to its growth strategy to scale up its commercial capacity for meeting
current and expected demand in the Nordic market and internationally.
- Group revenue for the quarter increased to EUR 1,126,000, an increase
of 2.2 times revenue of EUR 518,000 in the prior quarter and more than
15 times revenue of EUR 72,000 in the year-ago quarter.
- Continues to demonstrate quarterly revenue growth - organically and
through acquisitions - of 62.9% compound average growth rate over the
last six quarters.
- Improved operating income: Core EBITDA for the quarter was EUR -212,000
compared to EUR -351,000 in the prior quarter (2Q11: EUR -246,000).
Core EBITDA reflects the operating result before exceptional items,
one-off charges associated with acquisitions, divestitures, public
listings and capital raising efforts.
- Loss for the period decreased by approximately 30% to EUR -652,000
compared to EUR -932,000 in the prior quarter (2Q11: EUR -405,000).
- The integration of the Group's recently acquired subsidiaries
Scandvision, ENC, and Scandinavian Advertising is completed and the
combined Group is generating concrete new business and synergy
opportunities that contribute to both top-line growth and the bottom
line.
- The Group continues its strategic plan of making significant
investments in Mobile Loyalty Europe AB, the Group's core mobile
advertising business, with the objective to operate on a broad
commercial base in 2012.
Significant events after the period:
- The Group raised SEK 18.1 million (EUR 2.6 million) in new capital
through a private placement of 9,050,000 shares at SEK 2.00 per share.
- The Group has signed several international customer agreements,
including Norway's largest newspaper Aftonposten.
Operational and financial update
Having completed the acquisitions of ENC and Scandvision in the first
quarter of 2012, the Group now pursues business opportunities with a
broader and more integrated product and service platform to all of the
Group's target segments, including brand communication, media, and
advertising.
As further detailed below, the Group is now structured with Mobile Loyalty
plc as the parent company with three wholly owned subsidiaries:
- Mobile Loyalty Europe AB, with subsidiary Scandinavian Advertising AB;
- Scandvision Holding AB, with subsidiaries; and,
- Encons Nordic AB ('ENC').
Together, these subsidiaries offer leading-edge, competitive and
synergistic solutions around mobile advertising, social networks, and
moving images. Their offerings continue to receive strong interest from a
broad range of market leading companies particularlyin the Group's core
target segments, including TV, media and brand companies.
In 2011, the Group started to transition its mobile advertising business
into a more sales and marketing driven organization. This effort has
progressed according to plan through the first two quarters of 2012, with
the expectation of a more substantial financial effect in the second half
of 2012.
The Group's consolidated financial information presented herein comprises
for the first time Mobile Loyalty plc, Mobile Loyalty Europe AB,
Scandinavian Advertising AB, and Encons Nordic AB on a consolidated basis
for three full months. Accordingly, the 30 June 2012 consolidated balance
sheet comprises Mobile Loyalty plc, Mobile Loyalty Europe AB, Encons Nordic
AB, and Scandvision Holding AB.
Financial Highlights:
- Group revenue for the quarter increased to EUR 1,126,000, an increase
of 2.2 times revenue of EUR 518,000 in the prior quarter (2Q11: EUR
72,000).
- Operating income continues to improve: Core EBITDA for the quarter was
EUR -212,000 compared to EUR -351,000 in the prior quarter (2Q11: EUR
-246,000). Core EBITDA reflects the operating result before exceptional
items, one-off charges associated with acquisitions, divestitures,
public listings and capital raising efforts.
- Loss before tax for the period decreased significantly (approximately
30%) to EUR -652,000 compared to EUR -932,000 in the prior quarter
(2Q11: EUR -405,000).
Corporate activities
During the quarter, the Group held its first annual general meeting
('AGM'); reorganized its corporate structure including divesting two
minority stakes in Scandvision CPH and QuickSpot AB; and in late June, with
the approval of the AGM, launched a private placement activity with the
objective to raise SEK 18 million (approximately EUR 2.6 million).
Results of AGM
The AGM was held on 31 May 2012 at which 57.9% of the total number of
shares outstanding were represented. All resolutions proposed by the Board
were approved unanimously.
The AGM elected a new Board. Two new Directors were elected, Berndt Modig
and Patrik Gustafsson-Sonne, who was also appointed Chairman. At the same
time, two of the Board's existing Directors Nicklas Gerhardsson, CEO and
Sterner de la Mau, CBDO were re-elected to the Board. Jonas Thuresson and
Mikael Kotanidis, both Directors, did not stand for re-election and
resigned from the Board on 31 May 2012.
Corporate structure and divestments of minority stakes
According to its strategy, the Group's organisational structure will be
subject to further review. The minority stakes in associated companies will
be either fully integrated or divested. During the quarter, the Company
divested its minority stakes in Scandvision CPH A/S and QuickSpot AB, in
which the Group held minority stakes of 25% and 39%, respectively.
Significant events after the period
Encons Nordic AB, the leading auction solutions provider to newspapers,
announced on 10 August 2012 that it is continuing its international
expansion by having signed a contract with Aftonposten, Norway's largest
newspaper with 1,120,000 daily readers.
The Group announced on 15 August 2012 that it had raised EUR 2.6 million
(SEK 18.1 million) in new capital through a private placement to new and
existing shareholders at SEK 2.00 per share. With the new capital raised,
the Group can more aggressively pursue, finance and execute its growth
strategy, and accelerate its efforts to deliver and implement mobile
advertising solutions to TV and newspaper companies. Both new and existing
investors participated in this private placement; none of these investors
owns 5% or more of the Company's shares. As a result of this private
placement, the Company's total number of shares outstanding will increase
by 9,050,000 shares to 55,915,493 shares.
On 17 August 2012, the Group appointed Mangold Fondkommision AB as its
market maker for its shares that trade on Aktietorget. This is in order to
provide liquidity and decrease the spread between the ask and bid price.
We are delighted to continue receiving a very strong interest in the Group,
our companies, and our combined expertise and creative solutions. The
integration of the Group's entities has resulted in that our service
offering has become better known in the market place and by our customers.
Given the robustness of our go-to-market plan - in combination with
recently raised capital - we are stronger and faster in winning new
business.
Indeed, we very much look forward to continuing ramping up our efforts even
further and developing a truly scalable and international business.
On behalf of the Board of Directors
Nicklas Gerhardsson
CEO
Basis of preparation
The condensed consolidated interim financial statements of the Company for
the quarter ended 30 June 2012 comprise the company and its subsidiaries
(together referred to as 'the Group'). These interim statements do not
constitute statutory accounts as defined in Section 434 of the Companies
Act 2006 and have not been audited . The interim financial information has
been prepared using the same accounting policies, presentation, method of
computation and estimation techniques as were adopted in the audited Group
financial statements for the year ended 31 December 2011 and which are
expected to be adopted in the financial statements for the year ending 31
December 2012. The aforementioned accounting policies are based on
International Financial Reporting Standards ('IFRS'), but, as the Group has
chosen not to adopt IAS 34 'Interim Financial Statements' in preparing
these interim financial statements, the interim financial information
cannot be said to be in full compliance with IFRS.
The financial information for the year ended 31 December 2011 has been
extracted from the statutory accounts for that period. The auditors have
reported on the statutory accounts for the year ended 31 December 2011 and
their report was not qualified. A copy of those financial statements has
been filed with the UK Registrar of Companies.
About Mobile Loyalty Group
Mobile Loyalty offers unique solutions and services in the most rapidly
growing sector of marketing and advertising - mobile advertising - that is
projected to grow from USD 1.6 billion in 2010 to USD 20 billion in 2015
according to the Gartner Institute.
Mobile Loyalty's business model is built around revenue sharing with its
customers who primarily operate in two sectors:
* Advertising platforms for the media segment, for example newspapers,
magazines, TV, and radio.
* Advertising and communication solutions for brand companies and retail.
Mobile Loyalty plc is listed on the Open Market Stock Exchange, Frankfurt
(ticker M8L) since July 2011 and on AktieTorget, Stockholm (ticker MOBI
SDB) since January 2012. Mobile Loyalty Group includes Mobile Loyalty
Europe AB, Scandinavian Advertising, Scandvision Holding AB and Encons
Nordic AB. Mobile Loyalty has about 50 employees.
For more information, please contact:
Nicklas Gerhardsson,CEO
ng(at)mobileloyalty.com
Sterner de la Mau, CBDO
sdlm(at)mobileloyalty.com
Ulf Angelin,CFO
ua(at)mobileloyalty.com
About Mobile Loyalty plc
Mobile Loyalty is a leading service provider in the personalized mobile
advertising arena. The Company's solutions are offered on a Software as a
Service (SaaS) basis that makes it possible for media and brand companies
to effortlessly launch mobile advertising services within a few weeks. A
key benefit for media companies is that they can quickly generate new,
incremental advertising revenues without making any investments in
development and technology. Media and brand companies also avoid the work
associated with developing, adapting, and maintaining new mobile apps and
mobile web sites as new platforms and technologies are being launched at a
constantly higher speed.
End of Corporate News
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