Crossrider losses shrink as revenue soars

Digital advertising group Crossrider said strong organic growth and acquisitions boosted its annual revenue, leading to a narrower pre-tax loss.The AIM-listed company said pre-tax loss fell 5.6% to $11.7m (£7.76m), while earnings before tax, depreciation and amortisation rose from $1.1m to $13.3m, boosted by a 380% increase in revenue to $71.1m.Crossrider said organic growth accounted for $47.8m of the increase, while another $8.5m was due to the acquisition of Ajillion and DefinitiMedia in May 2014.The group, which said average unique monthly users of its platforms had grown fourfold since its initial public offering in September and average daily monetised ad spaces were up 200m to 1.8bn, added it looked to 2015 "with confidence"."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 a statement.Crossrider shares were up 0.98% to 103.50p at 15:31 on Tuesday.