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7digital sees sharp rise in revenue for 2017

By BFN News | 07:59 AM | Friday 09 February, 2018


7digital, the B2B digital music and radio services company, said unaudited revenue for 2017 is expected to be up 52% at £17.3m, well above the £11.3m a year ago. The upbeat outlook was driven by the acquisition in June of 24-7, paving the way to supply services to MediaMarktSaturn throughout Europe, cementing the company's foothold in the streamed music and radio services market. Contracted and billed revenues for the period were £18.6m, with revenues from major new client MediaMarktSaturn at £6.5m. The company said £1.3m will be recognised in first quarter 2018 rather than in the 2017 financial period which led to reported revenue of £17.3m. Simon Cole, Chief Executive of 7digital, said: '2017 was a year which marked a major transformation at 7digital. Our acquisition in June of 24-7 and, with it, the contract to supply services to MediaMarktSaturn throughout Europe has cemented our market leading position as a business-to-business platform in the rapidly growing market for streamed music and radio services. Perhaps more importantly, it led to a profitable H2 and a significantly improved EBITDA loss for the year, ahead of expectations. This provides the right foundation for full year profitability in 2018.' Story provided by StockMarketWire.com

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