TIDMMYSQ

RNS Number : 1862D

MySQUAR Limited

05 October 2018

5 October 2018

MySQUAR Limited

("MySQUAR" or the "Company")

Trading Update

MySQUAR, the Myanmar-language social media, entertainment and payments platform whose principal activity is to design, develop and commercialise Myanmar-focused internet-based mobile applications, is pleased to announce a trading update for the financial year ended 30(th) June 2018.

Trading in the full financial year ended 30(th) June 2018 has progressed well with unaudited revenue of approximately USD 1.839m (split as to USD 1.605m from games and USD 0.234m from advisory services) showing growth of 74% compared to the year ended 30 June 2017. This growth has been driven by an increase in gaming revenues which offset the expected decline in advisory revenues from the prior year. Revenues in the second half of the financial year increased slightly over the first half with second half revenues benefitting from the advisory revenues set out above which all fell within H2. despite fewer new game releases. The loss for the full year is expected to increase substantially as a result of the acquisition costs of MyPay Myanmar, amortisation charges and the one-off costs of staff rationalisation, management changes and fundraising expenses. Since the end of the financial year, total monthly revenues in July and August 2018 were in line with last year's monthly games revenue average of MMK 171k. However, since the end of June 2018, the MMK has depreciated by 13% against the USD. Unaudited cash was approximately USD 2m as of 30 June 2018 with the Company still able to access the currently undrawn USD 1m loan facility provided by Rising Dragon Singapore Pte Ltd as required.

The preliminary accounts for the year ended 30 June 2018 are expected to be released in December 2018.

Eric Schaer, CEO, commented:

"We've been encouraged that our games revenues have grown significantly in the 12 months to 30(th) June 2018 and steps have been taken to mitigate the loss going forward. The Board has been working hard to deliver new revenue lines and looks forward to providing further updates to shareholders in the near term."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information:

 
MySQUAR Limited 
Eric Schaer (Chief Executive)     Tel: +65 6725 6388 
 
SP Angel Corporate Finance LLP 
Nominated Adviser & Joint Broker  Tel: +44 (0) 203 470 
                                   0470 
Stuart Gledhill / Soltan Tagiev 
 
Daniel Stewart and Company Plc 
Joint Broker                      Tel: +44 (0) 207 776 
                                   6550 
David Lawman/Jon Levinson/Daphne 
 Zhang 
 
Public Relations                   Tel: +44 (0) 781 677 
                                    0758 
Damien McCrystal                  damien@mccrystal.info

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

TSTMABITMBAMBLP

(END) Dow Jones Newswires

October 05, 2018 11:30 ET (15:30 GMT)

Mysquar (LSE:MYSQ)
Historical Stock Chart
Von Mai 2024 bis Jun 2024 Click Here for more Mysquar Charts.
Mysquar (LSE:MYSQ)
Historical Stock Chart
Von Jun 2023 bis Jun 2024 Click Here for more Mysquar Charts.