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RhythmOne First Quarter Trading Exceeds Its Expectations

Tue, 12th Jul 2016 07:26

LONDON (Alliance News) - Internet media company RhythmOne PLC on Tuesday said trading in the quarter to the end of June was ahead of its expectations.

The company, formerly known as Blinkx, said the improvement in its first quarter resulted from strong growth in programmatic advertising platform revenue.

The firm said it has continued to boost investments into its mobile, video and programmatic platforms, which helped the growth in the first quarter higher.

"We are pleased to provide this update to the market on our first quarter trading, which is anticipated to be materially ahead of management expectations," said Chief Executive Officer Subhransu Mukherjee.

Mukherjee said the strong first quarter has set the stage for the company to deliver better top-line growth and return to profit in the year to the end of March 2017.

Shares in the company were up 19% early Tuesday to 34.16 pence, among the best performers in the AIM All-Share.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance