For newcomers15 Jan 2019 09:00
4 January 2019
7digital Group plc
Update
7digital Group plc (AIM: 7DIG) ("7digital", the "Company" and together with its subsidiary undertakings, the "Group") is pleased to confirm that it completed the planned platform consolidation and re-structuring of the Group's operations in the final quarter of 2018, reducing the company's cost base by an annualised £6.2m. Several operations and offices have been closed or discontinued and staff numbers reduced in all locations. All the Company's operations have remained stable during the restructuring and the move to a single technology platform for 7digital's customers.
The final quarter of the year saw several contract wins with US based technology platforms, major record labels and broadcasters, the details of which are subject to commercial confidentiality especially in the light of the upcoming CES event in Las Vegas. The company will issue a detailed statement of the expected out-turn for 2018 once accounting issues related to the restructuring and revenue recognition under IFRS 15 have been resolved