Digitalbox PLC (AIM:DBOX) shares traded up in Monday morning’s deals after revealing on Friday that its future is under strategic review and it could be sold.
The review follows ‘clear representations from a key shareholder’, the company said in Friday’s statement.
Through the review, it aims to explore options aimed at maximizing shareholder value.
The digital media business, which owns websites such as Entertainment Daily, The Poke, and TV Guide, meanwhile, highlighted its significant financial growth in the first half of 2024.
Revenue rose by 32% year-on-year to £1.6 million in the half, while the company had £2.2 million in net cash at the end of September.
DigitalBox highlighted that its business strategy has seen its acquired brands moving into profitable trading and they are either already or on track to achieve full payback of their acquisition costs within 18-24 months.
The review process, led by the company’s independent non-executive directors, will conclude with an update by the end of November.
Also, on Monday, DigitalBox announced the resignation of chief financial officer David Joseph who remains subject to a six-month notice period.
"I would like to thank David for his highly valued input at both operational and board level as we have grown the company portfolio to six operational assets,” chief executive James Carter said in today’s statement.
“We will be starting the search for his replacement with immediate effect."
Joseph added: “The time is right for me to focus on other projects as Digitalbox looks to the next stage of its development.
“The group is well run and has an exciting future.”