I think it is reasonable to be sitting on the fence as there were positives and negatives in the half year results.
Without the contributions from The Performance Factory (EBITDA = $0.56m) and Eggmobi (EBITDA = $0.39m), the half yearly EBITDA would have decreased to $0.78m this year from $1.76m last year.
It was good to see the M-Payments revenue increase but we will have to wait to see if the extra expenditure to achieve this was a one–off event.
International M-Payments revenue appears to have been less than $250,000 in the first half, but the increase to $100,000 in the month of Jan’15 looks promising. International expansion has been much slower than I originally expected but hopefully 2015 will finally see revenue increase substantially.
MBE Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held