Advertising tech company Tremor International Ltd (AIM:TRMR) tumbled 13% on Tuesday morning, after reporting lower earnings and falling net retention rates.
Lower ad spend sparked by “challenging market conditions” saw its net retention rate fall to 80% in 2022 from 150% a year earlier.
“As macroeconomic uncertainty persists, we've observed customers increasingly consolidating budgets with fewer trusted partners,” chief executive Ofer Druker said.
Tremor also announced pre-tax earnings had fallen 10% for the year, from US$161.2mln to US$144.9mln, although this was in line with market expectations it reassured.
Shares fell 13.2% from 319.4p to 277.2p.