MobilityOne (MBO) H2 2023 earnings summary

Executive summary

• Revenue rose to £241.67m for FY2023, up from £233.76m in FY2022, driven by increased demand for mobile prepaid reload and bill payment services in Malaysia.

• The Group reported a loss after tax of £1.41m in FY2023, compared to a profit of £16,628 in FY2022, due to higher cost of sales, administrative expenses, finance costs, and losses from its associate Sincere Acres.

• No dividend will be distributed for FY2023.

• Suspension of trading on AIM was lifted following the publication of the annual report.

Financial highlights

• Gross profit was £11.93m (FY2022: £12.75m).

• Operating loss was £1.05m (FY2022: profit of £0.38m).

• Net loss attributable to owners was £1.41m (FY2022: profit of £16,628).

• Total comprehensive loss was £1.95m (FY2022: profit of £0.37m).

• Cash and cash equivalents at year-end were £3.54m (FY2022: £4.36m).

• Secured loans and borrowings increased to £4.22m (FY2022: £3.87m).

Outlook and guidance

• Malaysian economy projected to grow 4.0–5.0% in 2024, supporting domestic demand.

• Group remains cautious for 2024 due to rising inflation and increased expenses, expecting continued pressure on gross profit margins.

• Main business focus remains on mobile prepaid reloads and bill payments in Malaysia.