LONDON (Alliance News) - Rightster Group PLC Wednesday it is evaluating options to secure additional investment in the fourth quarter of 2015 to make sure it has enough working capital to move towards cashflow breakeven, and reported a widened pretax loss for its first half.
For the half year to end-June the company reported a pretax loss of GBP11.5 million, widened from a pretax loss of GBP7.2 million, despite revenue rising to GBP11.2 million from GBP3.5 million, as a result of its acquisitions of Base79 and VML during the period.
These acquisitions helped drive revenue growth, which was strong across all of its regions, particularly in the UK, US and Rest of the World segments.
"Rightster has made significant progress in the first half of 2015. I'm delighted that both of the acquired companies are now fully integrated and the company continues to drive strong revenue growth," said Chief Executive Officer Patrick Walker in a statement.
"We're already seeing the benefit of the strategic acquisitions to our revenues, with the combined teams winning high profile, international deals. We aim to continue this momentum for the remainder of 2015. I'm also excited about the innovative product launches in the pipeline that will further boost our revenue streams and bring efficiencies to both us and our partners. These products will continue to roll out throughout the fourth quarter of 2015 and early 2016," Walker added.
Shares in Rightster were down 0.9% at 11.40 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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