LONDON (Alliance News) - Crossrider PLC Tuesday reported a narrowed pretax loss for 2014 as revenue soared nearly five-fold on the back of both strong organic growth and the contribution from acquisitions it made last May.
The digital advertising company focusing on the web and mobile devices, which listed on AIM last September, reported a pretax loss of USD11.7 million for 2014, compared with a loss of USD12.4 million a year earlier, but the improvement would have been more marked but for a charge for employee share options.
Excluding one-off items, its closely-watched earnings before interest, tax, depreciation and amortisation rose to USD13.3 million, from USD1.1 million in 2013, as revenue jumped to USD71.1 million from USD14.8 million. It said organic growth was responsible for USD47.8 million of the increase and USD8.5 million due to the acquisition of Ajillion and DefinitiMedia in May 2014.
It said average unique monthly users of its platforms are up 50 million since its initial public offering to 200 million, and average daily monetised ad spaces are up 200 million to 1.8 billion. Average daily available ad spaces have increased by 3 billion to 5.3 billion over the same period.
"The board looks to 2015 with confidence due to the unique strengths that differentiate Crossrider from its competitors, enabling the company to take advantage of the many opportunities it faces in the rapidly growing digital advertising space. The company's technology platform is adaptable and scalable, ideally positioning it in the mobile advertising space, which is expected to be the fastest growing stream of digital advertising," it said in an outlook statement.
Still, Crossrider shares were down 0.5% at 102.00 pence Tuesday morning. Its IPO price last September was 103 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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