2nd Dec 2021 12:02
(Alliance News) - SEEEN PLC's shares rose on Thursday following the announcement of a strong performance in 2021 so far and two major contract wins.
Shares in the London-based global media and technology platform were 5.6% higher at 28.50 pence on Thursday in London.
For the first nine months of 2021, revenue for the company was up 7.6% to USD7.0 million from USD6.5 million the same period a year prior.
Revenue from its multichannel video network were also up, rising 6.1% to USD6.9 million from USD6.5 million a year before.
SEEEN, which specialises in AI products, cited increased revenue per thousand views for the stronger results, up 40% to USD1.20 per view despite views dropping 24% to 10.1 billion.
SEEEN added that its adjusted pretax profit continues to be in line with market expectations.
The company's strong third quarter performance was bolstered by the announcement it had signed a commercial agreement with an unnamed major global publisher.
The publisher will use SEEEN's video technology and expertise to optimise its video collection, increase viewership and generate improved YouTube ad revenue.
SEEEN also announced that it had signed its first professional sports club to add content and viewers to its multichannel video network which is already known for sports and automotive content. The club was also not named.
Chair Patrick DeSouza commented: "We are delighted to gain additional traction with business to business sales for our AI offerings. Recent wins with large publishers and a professional sports team enable us to add referenceable customers in order to accelerate further wins from our sales pipeline.
We appreciate the support of our shareholders as we execute our "Go to Market" strategy. We look to growing our video technology platform organically through deploying our AI product offerings through our multichannel video network and to publishers and brands."
By Heather Rydings; [email protected]
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