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MySQUAR Limited (MYSQ)

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Wednesday 11 October, 2017

MySQUAR Limited

Trading Update

RNS Number : 2911T
MySQUAR Limited
11 October 2017
 

11 October 2017

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 an update on recent trading.

 

The Company has continued to make significant progress in achieving its operational goals which includes the launch of new gaming titles and the previously announced integration with Ooredoo Myanmar's carrier billing services. Unaudited revenue during period July-September of the current financial year has averaged approximately $135,000 per month - an increase of approximately 450% per cent in comparison to the average monthly revenue of $29,744 during July-September 2016 - with the majority of this revenue due from the Company's mobile gaming operations.

 

The Company has not been providing third party app development services during the financial year to date with the development team focusing on the Company's core offerings including the Ooredoo payments integration and other technical work such as expansion packs for existing games and development of new games and apps. The Company does, however, expect to carry out further third party app development work later in the year and will provide further announcements as appropriate.

 

MySQUAR expects to provide more detail in its annual report for the year to 30 June 2017 which is expected to be published during November 2017.

 

Eric Schaer, CEO of MySQUAR, said: "We are extremely pleased with last financial year's performance  and the progress to date this financial year. Mobile gaming and app revenues in the comparable period have enjoyed a remarkable increase and we have good reason to believe that interest in our out-sourcing development services will be as high in the current financial year as in the last."

 

Additionally, the Company is pleased to announce that, due to the continued increased interest in products both within Myanmar and elsewhere in South East Asia, it intends to appoint a Marketing Director. The early stages of the selection process have begun and an update will be provided when the process is completed.

 

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

Pham Dang Hung (CFO)

 

 

 

SP Angel Corporate Finance LLP

 

Nominated Adviser

Tel:  +44 (0) 203 470 0470

Stuart Gledhill/Soltan Tagiev

 

Beaufort Securities Limited

Broker

Jon Belliss/Elliot Hance

 

Public Relations

Damien McCrystal

 

 

 

 

 

Tel:  +44 (0) 207 382 8300

 

 

Tel:  +44 (0) 781 677 0758

[email protected]

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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