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Tremor International Ltd - New York-based advertising technology company - Posts revenue of $71.7 million in the three months ended on March 31, down 11% from $80.9 million a year earlier. Says the decrease is due to ‘well-documented’ weakness in the financial technology sector. Swings to pretax loss of $14.4 million from a profit of $14.6 million, as research and development expenses rise to $13.2 million from $6.4 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation fall to $8.9 million from $38.7 million. Says the decrease is exacerbated by ‘a weak advertising environment during the first quarter’.
Looking head, expects an ongoing recovery in the advertising demand environment during the second half of the year. Maintains guidance of $140 million to $145 million for 2023 adjusted Ebitda.
Chief Executive Officer Ofer Druker says: ‘During the first quarter we achieved significant progress executing on our strategic vision to combine Tremor International and Amobee into a horizontally integrated CTV- and video-focused technology platform fueled by unique and exclusive data, for the benefit of customers on both sides of the ecosystem.’
Current stock price: 256.40 pence each, down 0.9% on Tuesday morning in London
12-month change: down 45%
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