Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Nexxen International Ltd on Thursday posted an improved financial performance for the first half with the company cutting costs and eliminating its long-term debt.
The Israel-based global advertising platform said pretax loss narrowed to $1.8 million in the first half that ended June 30 from $24.7 million the previous year.
Revenue increased 4.5% to $163.0 million from $156.0 million, while cost of revenue fell 2.0% to $30.1 million from $30.7 million.
Total operating costs declined 10% to $133.1 million from $148.4 million with general & administrate costs notably reducing by 30% to $18.7 million from $26.7 million.
In the second quarter, the company fully repaid its outstanding $100 million long-term debt and announced the launch of a $50 million share buyback programme which will continue through to November 1.
‘[We] added 86 new actively-spending first-time advertiser customers in Q2 2024 across technology, finance, political, and other verticals, including 16 new enterprise self-service advertiser customers, and two new independent agencies leveraging the company’s self-service software solutions,’ Nexxen said.
Nexxen reaffirmed guidance of full-year adjusted earnings before interest, taxes, depreciation, and amortisation of approximately $100 million, up 20% from $83.2 million reported in 2023.
Nexxen shares were up 4.7% at 301.00 pence each in London on Thursday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.