MobilityOne (MBO) H2 2024 earnings summary

Executive summary

• Revenue declined 4.7% year-over-year to £230.2m, mainly due to softer demand in Malaysia's mobile prepaid and bill payment segments.

• Loss after tax widened to £3.45m from £1.41m in FY2023, driven by lower sales, higher expenses, and losses from the healthcare associate.

• Cash and cash equivalents increased to £3.98m, but secured loans and borrowings rose to £7.07m.

• The group remains focused on Malaysia, with international remittance volumes up and new regulatory approvals in Brunei.

Financial highlights

• Revenue: £230.2m (down from £241.7m in FY2023).

• Gross profit: £11.1m (down from £11.9m in FY2023).

• Operating loss: £2.6m (vs. £1.05m loss in FY2023).

• Loss before tax: £3.5m (vs. £1.37m loss in FY2023).

• Net loss: £3.45m (vs. £1.41m loss in FY2023).

• Basic and diluted EPS: (3.24)p (vs. (1.33)p in FY2023).

• No dividend declared for FY2024.

Outlook and guidance

• Malaysian economic growth is expected to moderate due to global trade tensions.

• Mobile reloads and bill payments remain core, with a new white-label mobile brand (S4S) piloted to improve margins.

• International remittance and retail e-payments expected to grow; e-money and Brunei operations to remain minor.

• Health technology segment gaining traction with new hospital projects in Thailand and Malaysia.

• Pending completion of the TETE-Super Apps merger and Sincere Acres acquisition could materially impact future results.