Annual Report and Accounts Delay & Trading update

MobilityOne (AIM: MBO), the e-commerce infrastructure payment solutions and platform provider, announces that its audited annual report and accounts for the year ended 31 December 2023 ("FY 2023") will not be finalised ahead of the deadline of 30 June 2024, as stipulated under Rule 19 of the AIM Rules for Companies.

The preparation of the Company's financial statements for FY 2023 has been ongoing. Notwithstanding this, despite the best efforts of all parties, the auditors in both the UK and Malaysia require further time to complete their audits and the procedures with respect thereto. Accordingly, the Company expects the accounts to be published by the end of July 2024.

The primary reason for the delay in the audit being completed relates to further audit work that the Company's auditors in the UK have requested to be undertaken in connection with the Company's 49% interest in Sincere Acres Sdn Bhd ("Sincere"), which is a holding company for Hati International Sdn Bhd, a healthcare information systems provider in Malaysia. The Company's interest in Sincere was acquired in FY 2023 and further details can be found in the Company's announcements released on 29 September 2023 and 8 March 2024. MobilityOne's interest in Sincere will not be consolidated in the Group accounts. However, it will be held as an associated company on the Group's balance sheet.

Based on the unaudited accounts that have been prepared and audited to date, the Company anticipates reporting revenue of £241.6 million for FY 2023 (year ended 31 December 2022: revenue of £233.76 million) as a result of increased demand from the Group's main products and services, namely the mobile phone prepaid airtime reload and bill payment business through the Group's banking channels (i.e. mobile banking and internet banking) and electronic data capture terminals as well as third parties' e-wallet applications.

As a result of an increase in cost of sales, administrative expenses, finance costs as well as the Group's share of its 49%-owned associated company's loss, namely Sincere, the Group anticipates registering a loss after tax of approximately £1.4 million in FY 2023 (year ended 31 December 2022: profit after tax of £16,628).

As at 31 December 2023, the Group had cash and cash equivalents (including fixed deposits) of approximately £2.7 million (31 December 2022: cash and cash equivalents of £5.02 million) while the secured loans and borrowings from financial institutions increased to approximately £4.2 million (31 December 2022: £3.87 million) mainly due to payment for higher cost of sales and higher administrative expenses.

These headline financials for FY 2023 remain subject to change and completion of the audit process.

This delay to the publication of the audited FY 2023 annual accounts means that trading in the Company's ordinary shares on AIM will be suspended with effect from 7:30 a.m. on 1 July 2024 and will remain suspended until the publication of its audited FY 2023 annual accounts.

The Company will release further announcements as and when appropriate.