Digitalbox PLC (AIM:DBOX) retuned to return to profit last year and said it is on track to meet market expectations in 2022.
In the 12 months ending 31 December 2021, the mobile digital media business reported profit before tax of £630,000, compared with a loss of £140,000 in 2020.
Revenue was up 68% to £37mln, with adjusted underlying earnings at £1mln, growing from £300,000 in 2020.
The owner of websites such as Entertainment Daily and The Daily Mash, saw its user base grow 82% year-on-year, with an average of 22mln monthly users visiting Digitalbox sites.
The Tab, another one of the websites it owns, also paid back over 70% of its purchase price within 15 months of ownership.
Looking forward, the company said it has a strong balance sheet, with gross cash at £2.7mln as of 25 March, which provides the “ability and flexibility to evaluate and execute further acquisitions.”
“We developed our portfolio, attracted new audiences, and monetised them effectively,” said chief executive James Carter.
“In short, we have entered 2022 with a portfolio of assets primed for future growth, a stronger investor base and a confident digital advertising sector destined to increase its share of global ad spend significantly,” Carter added.
Shares climbed 4.3% in morning trading, changing hands at 15.3p.