RhythmOne surges after good start to year
RhythmOne told investors that it had traded in-line with expectations during the first quarter, starting the year strong with quarter-on-quarter growth in both revenue and earnings.
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The AIM-listed group said the upward trajectory had been fuelled by continued growth in programmatic platform revenues.
RhythmOne continued to ramp up its unified programmatic platform, RhythmMax, and during the period, the company integrated several new programmatic demand and supply partners and cultivated relationships with industry-leading companies to develop new CTV measurement capabilities.
The firm stated that integration of its recent acquisition YuMe remained on track and that it had successfully consolidated campaign operations into a single platform, facilitating centralized deployment and optimization of advertising campaigns.
"We are pleased to provide this update on our first quarter trading in FY2019, with revenue and adjusted EBITDA performance in line with current market expectations," said chief executive Mark Bonney.
"The RhythmMax platform continues to drive growth as we add additional controlled supply, package premium inventory for sale within private marketplaces and advance our leadership position within CTV. These steps underscore our overall strategic focus on mobile, video and programmatic trading - which we intend to maintain throughout FY2019," added Bonney.
In addition to its Friday morning trading update, RhythmOne also announced that Mark Opzoomer and Ujjal Kohli, non-executive directors of the firm, had notified the board of their decision to retire and step down as a company director, effective immediately.
"We sincerely appreciate the contributions of both Mark and Ujjal to the RhythmOne Board throughout their tenure. Mark and Ujjal have served on numerous committees and provided valuable insight and guidance based on their extensive corporate operating experience and expertise in the internet, communications and media space. We wish them every success in their future endeavours," chairman Eric Singer said.
As of 1000 BST, RhythmOne shares had shot up 7.31% to 187.80p.