GETM Getmobile

 

TIDMGETM 
 
RNS Number : 6054U 
Getmobile Europe PLC 
26 June 2009 
 

getmobile europe plc ("getmobile" or the "Company") 
 
 
Trading Update 
 
 
In his statement at the AGM on 14 May 2009 the Chairman referred to a less 
buoyant trend in the Company's mobile phone contracts business in April and 
indicated that if it continued into May and June the results to 30 June 2009 
would be weaker than anticipated. 
Since the AGM this adverse trend in the Company's mobile phone business has 
continued at an accelerated pace with continuing reductions in the number of 
contracts sold together with a reduction in margins. This reflects higher credit 
denial rates due to the ongoing financial crisis and a reduction in the relevant 
addressable market of new and churning postpaid subscribers. 
Overall, getmobile was profitable and trading was in line with expectations in 
the first quarter. It is now clear however that in light of the lower levels of 
activity in the Company's mobile phone business in the second quarter the 
business requires a substantially reduced cost base and accordingly the Company 
has commenced a cost cutting and redundancy programme. As set out in the 
Chairman's Report in the Accounts to 31 December 2008, issued on 26 March 
2009, we have engaged advisers to review value enhancing opportunities in  our 
businesses and they are actively exploring opportunities for a potential sale of 
the mobile phone business. 
 Pauldirekt ,our closed community shopping business, has established a position 
in one of the fastest growing e-commerce segments in Germany having grown its 
number of registered users from 15.000 end of December 2008 to almost 350,000 as 
of today's date.  Shirtinator, in which we have a 25% minority stake, has 
started the year strongly. We are currently reviewing the strategic plan for 
Premingo, our household contracts platform. 
The current poor trading in the mobile phone business combined with the 
anticipated planned start up losses in our ecommerce businesses will result in 
a loss in the first 6 months of the year. Given the seasonality of the mobile 
phone business and the current state of flux in the marketplace there is limited 
visibility on the second half of the year although at this stage it is 
anticipated that a loss will be incurred for the full year. 
The Company expects that its net cash balances at 30 June will be in excess of 
EUR10.0 million (with no debt) underlining the strength of its balance sheet. 
The Company will release its interim results to 30 June 2009 in late September. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTILFSVRRIRFIA 
 

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