MobilityOne shares surge on +52% revenue

MobilityOne shares (LON: MBO) surged over 15% on Thursday morning after reporting a 51.9% increase in revenue.

Pre-tax profit for the six months ending 30 June 2020, grew from £0.42m to £1.07m, contributed by strong growth in mobile phone prepaid airtime reload, bill payment business in Malaysia and an increase in e-payment transactions amid the pandemic.

MobilityOne’s other businesses, including the international remittance services in Malaysia and its e-payment solutions activities in the Philippines and Brunei, remained small and did not make significant contributions in this period.

The company had cash and cash equivalents of £5.92 million and the secured loans and borrowings from financial institutions amounted to £3.47 million. MobilityOne has shown strong cash generation from operations in the period under review which has strengthened the Group’s financial position as of 30 June 2020.

“The Group remains confident on the outlook for the remainder of 2020, taking into consideration the improved financial performance in the first six months of 2020 for the Group’s existing businesses as well as the prospects for the new initiatives being pursued,” said the group in a statement.

MobilityOne shares (LON: MBO) are +17.05% at 12,00 (1034GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.