[ 15 May 2017 11:25 ] LONDON (Alliance News) - RhythmOne PLC on Monday reported a narrowed pretax loss for its recently ended financial year, following the completion of a re-structuring of the business. The online advertising company reported a pretax loss of USD14.9 million for the year to the end of March, narrowed from a pretax loss of USD77.2 million, as revenue rose to USD149.0 million, up from USD116.1 million. RhythmOne, formerly blinkx, has been undertaking two years of restructuring in order to shift its focus towards what it calls its core mobile, video and programmatic products, in an effort to return to profitability and revenue growth. This shift in focus delivered in the year, with revenue growth bolstered by significant growth from these core products, which made up 85% of the total revenue for the year. It exited all of its non-core products, selling its Prime Visibility Agency services business, and acquired Perk Inc, a mobile rewards, engagement and content platform. Elsewhere it invested around USD5 million in developing and strengthening its core product lines, and cut operating expenses before exceptional items by more than 18% from the prior year. Looking ahead, RhythmOne expects continued revenue growth for its year ahead. It is assessing a number of strategic merger and acquisition opportunities and enters its current year in a "confident position", it said. "The fundamental re-structuring of our business that we set in motion over two years ago is now complete. We are delighted to report the achievement of our objectives for the year, marking a dramatic shift in the revenue, product and cost profile of the company," said Chief Executive Officer Subhransu Mukherjee in a statement. "The company anticipates full year 2018 to be a period of continued expansion, through both organic efforts and scale acquisitions, as opportunities to consolidate the industry proliferate," Mukherjee added. Shares in RhythmOne were down 3.1% at 47.00 pence Monday. By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews Copyright 2017 Alliance News Limited. All Rights Reserved.
RhythmOne, formerly known as Blinkx, has reported a narrowed pre-tax loss of $14.9m for the year ending 31 March. The firm has undergone a two-year restructure to refocus its efforts on its core mobile, video and programmatic offerings. It also invested $5m in developing these product lines, while slashing operating expenses by more than 18% year on year.