MobilityOne revenues surge on strong Malaysian trading

Payment solutions provider MobilityOne said on Monday that full-year revenues had surged as a result of strong growth in its mobile phone prepaid airtime reload and bill payment business in Malaysia.

MobilityOne said unedited revenues were up 35% at £169.4m and gross profits increased 44.5% to £10.7m, helping the company swing from a pre-tax loss of £1.36m to a profit of £1.18m.

As of 31 December 2019, MobilityOne had cash and cash equivalents of £4.42m, a slight increase on the £4.18m held a year earlier, while secured loans and borrowings narrowed from £4.27m to £3.43m.

The AIM-listed group said the Covid-19 pandemic had not negatively affected its financial performance and stated its board remained confident on the prospects for the firm for the remainder of 2020, particularly in Malaysia.

For future growth, MobilityOne said it would continue to enhance its product offering and payment systems, including online payment gateways which cover the acceptance of credit cards and payment wallets.

As of 0945 BST, Mobility One shares had surged 57.14% to 4.95p.