7digital announces half year report; updates on new strategy

Fri, 20th Sep 2019

7digital announces its half year results with revenues down from £9.2m to £5.6m, and gross profit falling from £6.5 to £4.1m. Loss for the year increased from £2.7m to £2.9m. The Company noted that despite the operational challenges the company faced, licensing revenue was up 5% over H1 2018. The first half has been dominated by the overhaul of the Company's strategy, further cost reduction and the raising of new funds which now allows 7digital to execute on its vision becoming the leading supplier of B2B music streaming solutions globally. Commenting on the results, Paul Langworthy, CEO, said: 'It has been a transformational half for the business where we undertook a complete review of the business and its strategy.' 'We can now move forward with establishing ourselves as a leading global B2B music platform.' 'Looking ahead, our revised core strategy, expected incremental revenue and healthy commercial pipeline mean the Board and management look forward to the future with confidence.' At 9:17am: (LON:7DIG) 7digital Group Plc share price was +0.06p at 0.25p Story provided by StockMarketWire.com

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