Mobile Streams (LON:MOS) will post lower underlying earnings than expected after £1mln of foreign exchange losses.
The mobile apps and games seller said audited EBITDA will now be £740,000, though revenues will be higher than previously estimated at £48.5mln.
The majority of currency losses reflect a £750,000 non-cash revaluation of its Argentinian assets following the peso’s devaluation, but there was also a £240,000 cash charge incurred moving money out of Argentina earlier in the year.
The group had approximately £3.2m in cash on hand at the end of August, of which 17% was held in Argentina. It had no debt.
Mobile Streams generates as much of 90% of its revenues in Argentina.