RhythmOne shares rise on first-half revenue growth

RhythmOne provided a preliminary update on its expected performance for the half year to 30 September on Tuesday, flagging revenues of at least $80m, 80% of which was derived from core mobile, video and programmatic products.

The AIM-traded firm said it made programmatic revenues of at least $55m, representing 45% growth year-on-year.

Its adjusted EBITDA loss was less than $2.9M - an improvement of 60% over the first half of the last year.

“It is encouraging to see the financial results of the company begin to reflect our intense strategic and operational focus on core mobile, video and programmatic products," said CEO S. Brian Mukherjee.

“Within a year, the team has successfully built an industry-leading, programmatic platform, which currently ranks number four in size and number three in quality, as measured by comScore and Pixalate, respectively.”

Mukherjee said the company’s ability to source and represent unique, quality inventory at scale remained a core strength, which it intends to augment through both organic and inorganic means.

“We maintain that the significant steps we took in FY2016 to realign the business around our core capabilities have set the stage for both top-line revenue growth and a return to full year profitability in FY2017.”

At 1406 BST, shares in RhythmOne were up 2.68% at 35.94p.