Further to the company’s recent update another update was issued yesterday. This helpfully clarifies the expected revenue trend in H1 at the equivalent of c£1.5m per month and reiterates that the Company believes it will be around EBITDA breakeven for the full year based on cost reductions and the change in the Argentinian business. With respect to the latter change we note that premium subscriptions, which achieve twice the margin of basic subscriptions, are around 90% of all new subscribers and now make up more than 40% of the subscriber base. There is no assumption of any potential of the Indian business being realised highlighting conservatism in guidance. The Indian business is set to launch in the coming week and we may see a very early stage update when the company holds its AGM on the 17th November. We keep our forecasts under review at this stage.
