Trading Update and Notice of Results
10/08/2022 07:00
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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 £1.9m (H1 2021: £1.3m). At 30 June
2022, the Company had increased gross cash of £2.8m (FY 2021: £2.2m) and
also increased net cash of £2.4m (FY 2021: £1.8m). 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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