23rd Sep 2024 11:34
(Alliance News) - Dianomi PLC on Monday said its loss has narrowed for the first half of 2024 as traffic increases, despite advertising demand remaining slow.
The London-based digital advertising platform said revenue at the end of the six months to June 30 was GBP14.2 million, down 4.1% on-year from GBP14.8 million. It narrowed its pretax loss to GBP142,000 from GBP2.1 million year-on-year.
Adjusted earnings before interest, taxation, depreciation and amortisation swung to GBP73,000 from a loss of GBP1.0 million the previous year.
The company said that traffic across its premium publisher base increased by 9% in the first half of 2024, reaching 24 billion impressions as the group added new publishers and increased its readership of existing publishers. However, advertisers were "holding back from normal spending patterns, limiting the group's ability to monetise the increase in traffic".
Chief Executive Officer Rupert Hodson said: "We are pleased to have recorded a small profit in the first half of the year at an adjusted Ebitda level, but disappointed not to have been able to take more advantage of the increase in traffic across our publisher base. Demand from advertisers was soft and this has continued into the second half, though it is starting to pick up as we move into the fourth quarter and the upcoming US elections provide the opportunity for additional traffic across our base.
"Our publisher pipeline includes some leading US publishers with a global footprint and new advertisers continue to join our platform, attracted by the premium positioning and performance of our platform as well as its pricing transparency and being ID-free. Our focus now is on converting our pipeline as well as growing existing relationships to drive growth in 2025 and beyond."
Shares in Dianomi were untraded at 48.00 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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