Digitalbox PLC (AIM:DBOX) predicted a year of two halves as the media group maintained its 2022 forecasts as it provided an update on current trading.
Touting an ‘exceptional performance' in the six months to June 30, the owner of Entertainment Daily, The Daily Mash and The Tab, cautioned that advertising revenues would be ‘impacted’ by the current economic environment in the second half.
The strong start to the year was reflected in a 40% increase in revenues to £1.9mln, while the company said net cash increased by £600,000 to £2.4mln.
“The performance is a result of exceptionally strong traffic for Entertainment Daily, and ongoing improvements in the monetisation of The Tab and is significantly ahead of the company's expectations for the period,” investors were told.
In the update, Digitalbox said the acquisition of the web and mobile platform assets of TVGuide.co.uk, unveiled in May, should complete in the second half.
The focus then will be integrating the site onto the group’s Graphene technology platform, which should ‘enhance its revenue performance and profitability'.