7digital Group plc announce results 16 Aug 2018
7digital Group plc (AIM: 7DIG), the global leader in B2B digital music solutions, today announces its preliminary results for the full year ended 31 December 2017.
Operational Highlights:
- Excellent progress made in building the business and solidifying the Company's leading position in the rapidly growing streamed music market
- 7digital is now the premier supplier of business-to-business music and radio streaming services to corporates in sectors including retail, telecoms and the automotive industry, who are looking to strengthen their consumer offering
- Established position within the music industry – all the major labels are now customers of 7digital
- Organic and acquisition-led growth has positively impacted the financial performance of the Company with strong contributions seen across all revenue streams
- Operational savings already realised and the process is continuing into 2018
- Transformative deal with MediaMarktSaturn ("MMS"), Europe's largest retailer of electronics and entertainment, to build their digital music services in 15 countries
- Successful acquisition and integration of 24-7 Entertainment ("24-7"), the only remaining significant business-to-business European competitor, expands client base which now includes MMS and Danish telco TDC
Financial Highlights:
- 50% increase in revenues to £16.80m (2016: £11.21m)
- Improving sales momentum with licensing revenues up 74% at £11.61m (2016: £6.67m)
- 63% reduction in adjusted EBITDA loss to £1.60m (2016: £4.31m)
- 33% reduction in adjusted operating loss to £3.76m (2016: £5.60m)
- including one-off costs of acquisitions and share-based payments, unadjusted operating loss reduced to £4.97m (2016: £5.46m)
- Gross profit margin now 72% (2016: 69%)
- The Board is confident that the Group will be able to operate within its existing financial facilities with additional support from two major shareholders
- Momentum continued into H1 2018 with H1 total sales, before full consideration of revenue recognition, up 57% to £9.33m (2017 £5.93m)
- The Directors believe that the further convergence of the acquired businesses in 2018 will lead to operating profit and positive cash flow
- New interim CFO in place and recommended improvements to financial reporting systems being implemented
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