2nd Apr 2020 11:26
(Alliance News) - The Daily Mash entertainment website owner Digitalbox PLC on Thursday said its 2019 performance beat market expectations with trading in the new year also beginning promisingly.
Digitalbox reported revenue of GBP2.2 million in 2019, against none in the year prior. Its pretax loss widened to GBP460,000 from GBP250,000, however. Contributing to that was GBP689,000 in acquisition and listing costs, against none in 2018.
Adjusted earnings before interest, tax, depreciation and amortisation were GBP525,000, swinging from a GBP354,000 loss in 2018.
The company, which started 2019 as Polemos PLC, a suspended cash shell, acquired Digitalbox Publishing Holdings Ltd for GBP10.0 million in February and Mashed Productions Ltd for GBP1.2 million in March.
The firm operates two brands, Entertainment Daily, which it acquired after purchasing Digitalbox Publishing, and satirical website The Daily Mash, once part of Mashed Productions.
"Performance of the group, since completion of the acquisitions, in terms of traffic, revenue generation and Ebitda have all been in line or ahead of original expectations," Digitalbox said.
"2020 has started well with trading ahead of the Board's expectations for the first quarter. With the COVID 19 pandemic now affecting us all, it is clear we will face many more challenges than we anticipated at the turn of the year. The extent to which Covid-19 will impact us is not yet clear."
The company noted that while people may have more time for audience engagement on the Digitalbox sites, advertising revenue could be hit due to the virus.
Shares in the company were 7.3% higher at 5.90 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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