7DIG.L Share News (7DIG)

(Sharecast News) - 7digital reported some strong progress during the first six months of its trading year, with the streamed music and radio services business-to-business platform improving both revenues and profits throughout the half.Total revenues grew 52% to £9.3m - driven by a 49% boost in licensing revenues to £6m and an 84% surge in content revenues to £2.1m. Monthly recurring revenues expanded 36% to £4.3m.This fed through to a gross profit of 48% for the six months ended 30 June, with management remaining focused on achieving operating profit and positive cash flow by the end of the financial year.During the year, AIM-listed 7digital launched a new proprietary digital music service for MediaMarktSaturn in Germany and the Netherlands, with Spain to follow in the coming months, and saw great success in strengthening partnerships with broad-based, international clients - including major music labels, media companies, auto manufacturers and mobile operators.Chief executive Simon Cole said: "Both our timing and positioning in the buoyant streamed music market couldn't have been better, as demonstrated by these excellent half-year results showing revenues up 52% to £9.3m.""With expected annual cost savings of circa £5m following the consolidation of the two businesses acquired last year, our target to realise operating profit and positive cash flow is highly achievable."As of 0830 BST, 7digital shares had picked up 1.74% to 4.68p.