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RhythmOne first quarter tops expectations

The firm said it was benefitting from realigning the business last year towards its core mobile and video products, which has "set the stage" for higher top-line growth and a return to full year profitability for full year 2017.

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The firm is specialised in the online advertising space

Shares in online advertiser RhythmOne PLC (LON:RTHM), formerly Blinkx, shot up almost 10% in early deals as it said first quarter trading is expected to beat management expectations.

The firm said it was benefitting from realigning the business last year towards its core mobile and video products, which has "set the stage" for higher top-line growth and a return to full year profitability for full year 2017.

In the period from April 1 to June 30, volumes of requests for its programmatic platform more than tripled compared to the same period last year, with over one trillion requests processed per month in Q1 2017, with mobile now accounting for the majority of the volumes.

Programmatic revenues grew rapidly during the first quarter, setting a new three-month performance record, it added.

The firm is focused on ramping video, performance and international revenues within its platform, while continuing to draw- down on non-core products and migrating non-programmatic revenues.

Online advertising continues to show strong growth led by increases in mobile, video and programmatic budgets, while the UK Brexit vote is expected to have negligible foreign exchange impact on financial performance and operations, since virtually all of the group’s revenues and costs are generated in the US.

Shares rose 9.75% to 31.5p.

Quick facts: RhythmOne

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AIM:RTHM
Market: AIM
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