Fonix plc
("Fonix" or
the "Company")
Change of regulation in
Republic of Ireland
In the Republic of Ireland, the
Gambling Regulation Bill (the "Bill"), which has been under
consideration in the Irish Parliament since December 2022, and
previously noted by the Company, has been approved by the
Oireachtas (the Parliament of Ireland) and will pass into law once
enacted by the President. The Bill aims to establish a new Gambling
Regulatory Authority of Ireland (the "Regulator") to oversee
licensing and regulation of gambling, betting, and certain
lotteries in the country.
The final Bill contains no specific
references to broadcaster prize draw competitions ("Prize Draws"),
and in particular those containing a 'no purchase necessary' route
of entry. It is therefore not clear whether the legislation covers
'no purchase necessary' Prize Draws. To that end, our Irish
broadcaster customers, which represented the vast majority of the
Company's revenue outside the UK in FY24, are continuing to seek
legal advice over the potential impact, if any, of the Bill on
their business.
The Company's current expectations
are for customer services in Ireland to continue to operate
unchanged, although it is recognised this could change as the
regulatory position becomes clearer or an implementation plan is
released by the new Regulator that provides further clarity. As
such, market expectations for the current financial year remain
unchanged.
Enquiries
Fonix Mobile plc
Tel: +44 20 8114
7007
Robert Weisz, CEO
Michael Foulkes, CFO
Cavendish Capital Markets Limited (Nomad and
Broker)
Tel: +44 20 7220 0500
Jonny Franklin-Adams / Seamus Fricker
(Corporate Finance)
Sunila de Silva/ Harriet Ward
(ECM)
About Fonix
Founded in 2006, Fonix provides
mobile payments and messaging services for clients across media,
telecoms, entertainment, enterprise and commerce.
When consumers make payments, they
are charged to their mobile phone bill. This service can be used
for ticketing, content, cash deposits and donations. Fonix's
service works by charging digital payments to the mobile phone
bill, either via carrier billing or SMS billing. Fonix also offers
messaging solutions.
Based in London, Fonix is a fast
growth business driven by blue chip clients such as ITV, Bauer
Media, RTÉ, Global Media, Comic Relief and BBC Children in Need to
name a few.