LONDON (Alliance News) - Rightster Group PLC Wednesday posted a widened pretax loss for 2013, despite seeing revenues more than triple, as it invested in its research and development and upped its headcount.
Rightster provides video syndication and monetisation services. It raised GBP20.4 million when it floated on AIM in November, 2013.
Rightster posted a pretax loss of GBP19.3 million, widened from GBP12.1 million in 2012, despite seeing revenue rise to GBP6.2 million from GBP1.9 million, as research and development and administrative expenses jumped. Rightster also posted GBP492,618 in costs relating to its initial public offering.
The company increased its headcount to 183 from 161 during the year, and acquired European distributor Preview Networks and UK display advertising sales agency Sportsyndicator Ltd.
Adjusted to exclude revenues from a contract that was terminated in May 2013, revenue rose to GBP3.0 million, up from GBP0.3 million.
Total transaction value, a key performance indicator for the company, was GBP11.0 million, up from GBP4.0 million. Monthly video views increased 30% in the first-half of the year from 123.3 million to 160.7 million, and increased a further 55% to 249.5 million in the second half.
The company expressed confidence for 2014, noting that it had seen average monthly video views of 355 million for the first quarter of the new year, up 28% from the fourth quarter of 2013.
Shares in Rightster were trading up 2.7% at 77.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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