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Mobile Streams cuts costs to the bone

"Given the falling revenue, it was necessary to take decisive cost reduction actions,” said chief executive Simon Buckingham
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The company is a mobile content distributor

Mobile Streams PLC (LON:MOS) said it has cut costs significantly, while directors have deferred 50% of their pay following a sharp downturn in revenues.

Operating expenses will drop by 62% ongoing; however, it said it will hand over £290,000 in severance payments, leaving just £219,000 in the bank.

"Given the falling revenue, it was necessary to take decisive cost reduction actions,” said chief executive Simon Buckingham.

“This has allowed the company to preserve and protect its remaining cash balances.

“The company is looking at all potential business development opportunities and other asset optimisation strategies."

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