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(Alliance News) - DigitalBox PLC shares were down on Thursday, after it said revenue for 2022 will be below market expectations, due to industry-wide headwinds.
Shares in the Bath, England-based digital media company were down 18% to 7.16 pence each in London on Thursday afternoon.
DigitalBox said that despite of challenging conditions across the media industry in the fourth quarter of 2022, it continued to deliver "very strong" margins. DigitalBox didn't specify the industry challenges to which it was referring.
It expects earnings before interest, tax, depreciation and amortisation for 2022 to be "comfortably" ahead of the GBP627,000 delivered in 2021, despite blaming "economic headwinds" for revenue being below market expectations.
Looking ahead, DigitalBox said it remains conscious of the difficult economic conditions.
Chief Executive James Carter said: "The Poke provides a major opportunity for expansion in future years. After a pleasing start to life at Digitalbox, The Poke will quickly benefit from being brought onto our Graphene platform as we move into 2023. We are also finalising the acquisition of the assets of TVGuide.co.uk, which we expect to be complete in the next few months."
DigitalBox bought the business and assets of thepoke.co.uk in December, for an undisclosed amount. The Poke is a British satirical website, known for distributing viral videos about UK current affairs.
The company also bought the web and mobile platform assets of TVGuide.co.uk Ltd, in a GBP550,000 deal, back in May 2020.
DigitalBox expects to announce results for 2022 on March 28.
By Sophie Rose, Alliance News reporter
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