TIDMMBO
RNS Number : 5810N
MobilityOne Limited
01 June 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
article 7 of EU Regulation 596/2014 which forms part of domestic UK
law pursuant to the European Union (Withdrawal) Act 2018. With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
1 June 2022
MobilityOne Limited
("MobilityOne", the "Company" or the "Group")
Trading update
MobilityOne (AIM: MBO), the e-commerce infrastructure payment
solutions and platform provider, announces an update on trading
prior to release of its audited results for the financial year
ended 31 December 2021.
Highlights :
-- Unaudited revenue increased 3.66% to GBP255.71 million (2020:
GBP246.67 million) due to higher sales recorded in the Group's
mobile phone prepaid airtime reload and bill payment business;
-- Gross profit of GBP13.66 million (2020: GBP12.96 million);
-- Profit after tax of GBP1.51 million (2020: GBP1.61 million);
-- Cash and cash equivalents as at 31 December 2021 of GBP4.67
million (31 December 2020: GBP4.42 million); and
-- In light of the continued growth of the Group's existing core
business in Malaysia, the Directors remain confident on the future
prospects for the Group.
In the financial year ended 31 December 2021, the Group expects
to achieve an increase in revenue of GBP9.04 million to GBP255.71
million (year ended 31 December 2020: revenue of GBP246.67 million)
due to the continued growth of the Group's e-payment business in
Malaysia. In particular, revenue growth was as a result of higher
sales that were recorded in the Group's mobile phone prepaid
airtime reload and bill payment business through the Group's
banking channels (i.e. mobile banking and internet banking), third
parties' e-wallet and electronic data capture terminals.
Notwithstanding the increase in revenue, t he Group expects to
record a lower profit after tax of GBP1.51 million in 2021 mainly
due to higher administration expenses (year ended 31 December 2020:
profit after tax of GBP1.61 million) . The Group's international
remittance services and e-money business in Malaysia and e-payment
solutions activities in the Philippines and Brunei remained small
and did not make significant contributions to the Group in the year
ended 31 December 2021.
As at 31 December 2021, the Group's cash and cash equivalents
increased to GBP4.67 million (31 December 2020: cash and cash
equivalents of GBP4.42 million) while the secured loans and
borrowings from financial institutions reduced to GBP2.18 million
(31 December 2020: GBP3.20 million).
All figures stated above for the year ended 31 December 2021 are
based on unaudited financial figures and are subject to
finalisation of the Group's audit.
Outlook and business update
The Company's wholly-owned subsidiary in Malaysia, MobilityOne
Sdn Bhd, which received a license from MasterCard Asia/Pacific Pte
Ltd ("MasterCard") to issue MasterCard prepaid cards, has obtained
approval from the Central Bank of Malaysia to introduce
international scheme prepaid cards under MasterCard's brand in
Malaysia. The Group expects to commence the issuance of MasterCard
prepaid cards in the 3(rd) quarter of 2022, which is expected to
complement the Group's existing e-wallet and will be part of the
Group's end-to-end payment ecosystem.
However, the Central Bank of Malaysia has not yet given its
decision, the timing of which remains uncertain, for the Group to
expand its money transfer business via the Society for Worldwide
Interbank Financial Telecommunication ("SWIFT") network. The Group
is currently working closely with a bank in Malaysia on the
integration process while waiting for the Central Bank of
Malaysia's approval. As a result, the Group will not now be in a
position to commence arrangements with SWIFT during the first half
of 2022, as had been previously announced. A further announcement
in this respect will be made as and when is appropriate.
In September 2021, M-One Tech Limited, the Company's
wholly-owned subsidiary in the UK, submitted an application to the
Financial Conduct Authority (the " FCA " ) (together the "FCA
Application"), the financial regulatory body in the UK, for
authorisation as an electronic money institution to provide e-money
services in the UK. The Group has, in late May 2022, received
feedback from the FCA to include additional information in the FCA
Application. In view of this and after further consideration, the
Group has decided to withdraw the FCA Application by 6 June 2022.
It is the Directors' intention to re-submit the FCA Application in
the next 3 months with additional information based on the FCA's
feedback.
In October 2021, the Group entered into a joint venture cum
shareholders agreement ("JV Agreement") with One M Tech Pty Ltd to
explore e-commerce and e-payment business opportunities in
Australia. There have been no developments or progress made by the
joint venture partner since the signing of the JV Agreement and the
Group is still in discussions with the joint venture partner about
the business opportunities and the continuation of the JV
Agreement.
T he Directors remain positive on the Group's outlook for 2022
noting that the e-payments industry is expected to continue to grow
in Malaysia and that the Group will continue to enhance its product
offering.
Annual Report and Accounts
The Company expects to publish its annual audited report and
accounts for the financial year ended 31 December 2021 at the end
of June 2022.
For further information, please contact:
MobilityOne Limited +6 03 89963600
Dato' Hussian A. Rahman, CEO www.mobilityone.com.my
har@mobilityone.com.my
Allenby Capital Limited
(Nominated Adviser and Broker) +44 20 3328 5656
Nick Athanas / Vivek Bhardwaj
About the Group:
MobilityOne provides e-commerce infrastructure payment solutions
and platforms through its proprietary technology solutions. The
Group has developed an end-to-end e-commerce solution which
connects various service providers across several industries such
as banking, telecommunication and transportation through multiple
distribution devices including electronic date capture terminals,
mobile devices, automated teller machines and internet banking. The
Group's technology platform is flexible, scalable and designed to
facilitate cash, debit card and credit card transactions from
multiple devices while controlling and monitoring the distribution
of different products and services.
For more information, refer to our website at
www.mobilityone.com.my
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END
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(END) Dow Jones Newswires
June 01, 2022 06:37 ET (10:37 GMT)
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