LONDON (Alliance News) - Digital advertising company Crossrider PLC on Thursday said it has put in place a USD6 million share buyback programme, representing around 5% of its issued share capital.
Crossrider said that since it was admitted to AIM in September last year, its profitability has been in line with, or exceeded, market expectations. However its share price has fallen by around 50% since admission.
The company said it continues to trade in line with expectations, and had net cash balances of UDS74.9 million as of Monday.
The buyback programme will be managed by Shore Capital Stockbrokers Ltd.
Shares in Crossrider were up 7.8% at 55.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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