Tremor International Ltd - Israeli-based advertising technologies firm - Revenue hit by Covid-19 after "solid start" to 2020, company tells annual general meeting. As clients cut advertising budgets, first quarter revenue was USD70.5 million, down from USD94.8 million in the fourth quarter of 2019. Revenue is expected to fall further to between USD60.5 million and USD64.5 million in second quarter. The USD131 million to USD135 million expected in first half is 27% to 29% lower than expected, with an expected loss before interest, tax, depreciation and amortisation of USD3 million to USD6 million. Recover began in May after significantly lower trading volumes in April. Tremor also says Thursday that Tim Weller will step down as non-executive chair and from board on August 31, after six years in the role. Tremor noted Weller supported the company through its 2014 initial public offering on AIM, merger with RhythmOne PLC in 2019 and its acquisition of Unruly in January of this year.
Current stock price: 139.15 pence
Year-to-date change: down 18%
By Tom Waite; thomaslwaite@alliancenews.com
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