RhythmOne encouraged by reduction in H1 pretax loss

RhythmOne is encouraged to see its first-half results reflect its strategic and operation focus on core mobile, video and programmatic products.

The company booked a first-half pre-tax loss attributable to shareholders of $10.9m, from a year-earlier loss of $79.5m.

Chief executive S. Brian Mukherjee said he it was encouraging to see the financial results reflect RhythmOne's strategic and operational focus on Core mobile, video and programmatic products.

This as it continued to draw-down non-Core and non-programmatic product lines.

"Driven by the 45% growth in programmatic revenues, Core products now represent 83% of total revenues, compared with 69% in first-half 2016," said Mukherjee in a statement.

"We believe that the significant steps we took last year to realign the business around our core capabilities have begun to show evidence of success, and have set us on course for both top-line revenue growth and a return to full year profitability this financial year.

Mukherjee said the strong traction gained with core products now enabled RhythmOne to to accelerate the planned drawdown of non-core product lines.

It would also allow it to explore acquisitions in order to augment its strategic capabilities and "catalyze financial performance in the second coming of ad tech."

At about 13:34 GMT, shares in RhythmOne were flat at 37p.