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RhythmOne Says First-Half Trading Exceeds Its Expectations

Tue, 11th Oct 2016 07:21

LONDON (Alliance News) - Internet media company RhythmOne PLC on Tuesday said trading in the first half of its financial year outpaced its expectations, driven by the strength of its programmatic advertising platform.

The company, formerly known as Blinkx, said revenue for the half year to September 30 will be at least USD80.0 million, down from the USD91.4 million it reported a year earlier but ahead of the company's expectations.

Programmatic advertising revenue will be around USD55.0 million, up 45% year-on-year.

RhythmOne added it is getting closer to profitability and its adjusted loss before interest, tax, depreciation and amortisation is significantly ahead of its expectations.

"It is encouraging to see the financial results of the company begin to reflect our intense strategic and operational focus on Core mobile, video and programmatic products," said Chief Executive Officer Subhransu Mukherjee.

Shares in RhythmOne were up 3.4% at 36.19 pence early Tuesday.

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