StockMarketWire.com - Mobile phone games distributor Mobile Streams said it had reduced its headcount by a 'significant' amount to offset falling revenue.

The cost-cutting involved a rationalisation of the company's main operating centre in Argentina as well as lowering operating expenditure in the UK, US and India.

Mobile Streams said its chief executive and non-executive directors had also volunteered a partial salary deferral of 50% of their remuneration.

The cost-cutting exercise had resulted in sizable one-off redundancy expenses and severance payments of around £290k.

Monthly operating expenses in Argentina from May 2019 were expected to be reduced by 72% on an ongoing basis in comparison to December 2018.

Overall, the company said it anticipated a reduction in global operating expenses of around 62%.

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

'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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