22nd Aug 2024 12:59
(Alliance News) - Nexxen International Ltd on Thursday posted an improved financial performance for the first half with the company cutting costs and eliminating its long-term debt.
The Israel-based global advertising platform said pretax loss narrowed to USD1.8 million in the first half that ended June 30 from USD24.7 million the previous year.
Revenue increased 4.5% to USD163.0 million from USD156.0 million, while cost of revenue fell 2.0% to USD30.1 million from USD30.7 million.
Total operating costs declined 10% to USD133.1 million from USD148.4 million with general & administrate costs notably reducing by 30% to USD18.7 million from USD26.7 million.
In the second quarter, the company fully repaid its outstanding USD100 million long-term debt and announced the launch of a USD50 million share buyback programme which will continue through to November 1.
"[We] added 86 new actively-spending first-time advertiser customers in Q2 2024 across technology, finance, political, and other verticals, including 16 new enterprise self-service advertiser customers, and two new independent agencies leveraging the company's self-service software solutions," Nexxen said.
Nexxen reaffirmed guidance of full-year adjusted earnings before interest, taxes, depreciation, and amortisation of approximately USD100 million, up 20% from USD83.2 million reported in 2023.
Nexxen shares were up 4.7% at 301.00 pence each in London on Thursday afternoon.
By Elijah Dale, Alliance News reporter
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