LONDON (Alliance News) - Matomy Media Group Ltd said Thursday that its loss widened in the first half of 2018 as it underwent a "transition journey".
For the six months to June 30, the company, which operates an advertising platform, posted pretax loss of USD17.0 million compared to USD9.3 million reported for the same period a year ago. Meanwhile, revenue declined 48% to USD73.3 million from USD141.0 million a year prior.
However, excluding the Special Occurrences, revenue increased by 15%, to USD59.4 million from USD51.6 million in the first half of 2017.
Special Occurrences refer to adjustments made in connection with one-time decisive eradication of non-compliant traffic from the group's core platforms and adjustments for the sale of Mobfox's myDSP media buying platform.
The introduction of the new General Data Protection Regulation in May prompted the company to take "all required steps to be compliant".
"Matomy took aggressive measures to ascertain high quality, sustainable, and clean revenue. Non-compliant traffic sources were expunged from its platforms, affecting the first half revenue while strengthening the company's long-term position," the company said in the statement.
As a result of the fall in revenue, the company decided to close its non-core activities including the Optimatic video programmatic platform. It also sold the Whitedelivery email marketing platform in August.
"Matomy has covered tremendous ground in its journey of transition. We remained laser-focused on our core, high potential activities and exited cash bleeding ones that distracted us from this focus," Chief Executive Officer Liam Galin said.
"As such, revenue sources and associated expenses have changed dramatically, and year-to-year comparisons do not tell the whole story and require clarification," added Galin.
Shares were trading down 6.1% at 33.52 pence each.