Digitalbox PLC Trading Update and Notice of Results (4752V)
10 August 2022 - 4:00PM
UK Regulatory
TIDMDBOX
RNS Number : 4752V
Digitalbox PLC
10 August 2022
10 August 2022
Digitalbox plc
("Digitalbox" or "the Company")
Trading Update and Notice of Results
Digitalbox plc (AIM: DBOX), the mobile-first digital media
business, which owns Entertainment Daily, The Daily Mash and The
Tab, is pleased to provide the following trading update for the six
months ended 30 June 2022 (the "Period" or "H1"). The Company
intends to publish its Interim Results on 27 September 2022.
Digitalbox has had a strong first half of the 2022 financial
year with revenue approximately 40% up year-on-year to GBP1.9m (H1
2021: GBP1.3m). At 30 June 2022, the Company had increased gross
cash of GBP2.8m (FY 2021: GBP2.2m) and also increased net cash of
GBP2.4m (FY 2021: GBP1.8m). 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.
Looking ahead, the acquisition of the web and mobile platform
assets of TVGuide.co.uk Limited, announced in May 2022, is expected
to complete in the second half of FY 2022 as scheduled. 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 of a new series of The Daily Mash's successful
spin-off TV show Late Night Mash has commenced with Rachel Parris
confirmed as the new host. The first episode will air on Dave on
Thursday 1 September 2022, with the following eight episodes
released each Thursday.
A programme of product investment is underway 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.
The Board anticipates that the challenging macro-economic
conditions are likely to adversely impact advertising revenues in
the second half of FY 2022, but given the exceptional performance
in H1 2022 the Board remains confident of meeting market
expectations for the full year FY 2022.
Market abuse regulation: This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").
Enquiries:
Digitalbox c/o SEC Newgate
James Carter, CEO
Panmure Gordon Tel: 020 7886 2500
(Nominated Adviser, Financial Adviser & Joint
Broker )
Alina Vaskina / James Sinclair-Ford (Corporate
Advisory)
Rupert Dearden (Corporate Broking)
Alvarium Capital Partners (Joint Broker) Tel: 020 7195 1400
Alex Davies / Hugh Kingsmill Moore
SEC Newgate (Financial Communications) Tel: 07970 664807
Robin Tozer / Moly Gretton / Max Richardson digitalbox@secnewgate.co.uk
About Digitalbox plc
Based in Bath, UK, Digitalbox is a 'pure-play' digital media
business with the aim of profitable publishing at scale on mobile
platforms.
Digitalbox operates three trading brands, "Entertainment Daily",
"The Tab" and "The Daily Mash". Entertainment Daily produces and
publishes online UK entertainment news covering TV, showbiz and
celebrity news. The Daily Mash produces and publishes satirical
news content. The Tab is the UK's biggest youth culture site
fuelled by students.
Digitalbox generates revenue from the sale of advertising in and
around the content it publishes. The Group's optimisation for
mobile enables it to achieve revenues per session significantly
ahead of market norms for publishers on mobile.
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