LONDON (Alliance News) - Rightster Group PLC Tuesday said it had seen strong growth in the first half of 2015, with revenue more than tripled from the previous year.
The digital video distribution company said its revenue in the first half of 2015 has reached around GBP7.0 million, more than tripled from GBP1.9 million a year before.
Rightster said it has identified further cost savings, including cutting headcount and closing its technology office in Bangalore early, which will take its yearly cost savings to an estimated GBP5 million, greater than the GBP3 million it had previously forecast.
Average monthly video views for the first half were 1.6 billion, increased significantly from 371 million a month in the previous year.
Rightster has appointed Shiv Bhaduri as its chief product officer. He was previously director of products and innovation at AOL Inc.
"I am delighted with the significant progress the company has made in the past six months. The management team has been able to demonstrate the strategic rationale behind the acquisitions last year through both substantial cost synergies and exploiting the revenue opportunities," said Chief Executive Officer Patrick Walker in a statement.
Shares in Rightster were flat at 14.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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