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Amaysim's shares are being annihilated

Competitors at the Senet Diving Cup held in Eindhoven, Netherlands. Dean Mouhtaropoulos/Getty Images

Shares in Amaysim are falling hard after the mobile sim card company reported disappointing half year results, its first since its IPO.

A short time ago, the shares were down 27% to $1.78.

Amaysim’s profit dropped 96% to $681,000, mainly due to listing costs and the purchase of prepaid mobile business Vaya, on a 17.9% lift in revenue to $117.28 million.

The subscriber base increased 12.5% to 764,000 from 679,000.

CEO Julian Ogrin reaffirmed the full year forecast of underlying EBITDA of $31.7 million and says subscriber numbers are expected to be between 960,000 and 980,000.

An unfranked maiden dividend of 3 cents was declared, in line with prospectus guidance.

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