Dianomi PLC (AIM:DNM) won a firm show of support from Panmure Liberum, as the broker maintained its forecasts and price target following a remarkably resilient set of interim results.
Panmure Liberum kept its 'buy' rating, digesting a trading update that perfectly matched its earlier summer guidance.
Driving this operational update is a 4.5% rise in constant-currency revenue in the first half, which accelerated sharply to 14% in July and August.
That momentum is being fuelled by a 10% increase in ad impressions, driven by deepening commercial ties with core clients such as CNN and APN.
Those partnerships, alongside the net addition of nine new publishers, are helping the digital advertiser defy the traffic slowdowns hitting the wider media pack.
Some of the firm's recent innovations, such as the launch of Dianomi Interactive, are also expected to help the company continue engaging with new publishers.
Equally important, Panmure Liberum noted that while the US mid-term elections could provide a short-term boost, fourth-quarter growth will likely face tougher comparisons.
Its projected constant-currency revenue growth for the full year remains reflected in the numbers, alongside a cautious model for a small working-capital outflow.
Weighing heavily on the medium term is the ongoing volatility in Google's and other referral platforms' algorithms, which continues to threaten publisher traffic volumes across the industry.
