Digitalbox PLC (AIM:DBOX) said first half results were "significantly ahead" of expectations thanks to very strong traffic for its Entertainment Daily site and improvements in the monetisation of its student title, The Tab.
The six months ended 30 June saw revenue rise approximately 40% year-on-year to £1.9mln, the group said in a trading statement, with traffic for Entertainment Daily "exceptionally strong".
While challenging macroeconomic conditions are expected to adversely impact advertising revenues in the second half of the year, the company said "given the exceptional performance in H1 2022 the board remains confident of meeting market expectations for the full year".
Net cash stood at £2.4mln at the half-year stage, up from £1.8mln.
The recently agreed acquisition of TVGuide.co.uk is expected to complete in the second half, as scheduled, it said.
"The company then intends to focus on integrating these assets onto the company's graphene technology platform.
"As with The Tab, the board expects this to enhance the site's revenue performance and profitability."
Production has begun for a new series of The Daily Mash's successful spin-off TV show Late Night Mash, where nine episodes were commissioned for the Dave channel with Rachel Parris as the new host.
The first episode of the new series will air on Thursday 1 September 2022, with the following eight episodes released each Thursday.
Digitalbox said it is also investing across the portfolio to expand the content of Entertainment Daily, grow local student engagement and platform reach on The Tab and develop consumer revenues on The Daily Mash.
"The board continues to evaluate potential further acquisitions and will update the market in due course," it added.