28th Sep 2018 13:58
LONDON (Alliance News) - 7digital Group PLC said on Friday half-year revenue rose, though its loss widened, in a "strong period" for the business-to-business music platform.
Revenue grew 52% to GBP9.3 million in the six months to June 30, from GBP6.1 million a year ago.
Licensing revenue was up 49% to GBP6.0 million, while content sales grew 84% to GBP2.1 million.
Despite this, the company's pretax loss widened to GBP2.6 million from GBP2.3 million last year, partly as administrative expenses grew to GBP9.4 million from GBP7.1 million.
"With expected annual cost savings of circa GBP5 million following the consolidation of the two businesses acquired last year, our target to realise operating profit and positive cash flow is highly achievable. We are excited about the future given the increasing interest from key international, cross-industry blue-chips and look forward to maintaining the current sales momentum," said Chief Executive Simon Cole.
The company said it remains focused on becoming profitable on a pretax level during the second half of the year.
Shares in 7digital were up 0.4% at 4.62 pence on Friday.
Related Shares:
7DIG.L