Nexxen International eliminates long-term debt in strong first-half

(Alliance News) - Nexxen International Ltd on Thursday posted an improved financial performance ...

Alliance News 22 August, 2024 | 11:59AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Nexxen International Ltd on Thursday posted an improved financial performance for the first half with the company cutting costs and eliminating its long-term debt.

The Israel-based global advertising platform said pretax loss narrowed to USD1.8 million in the first half that ended June 30 from USD24.7 million the previous year.

Revenue increased 4.5% to USD163.0 million from USD156.0 million, while cost of revenue fell 2.0% to USD30.1 million from USD30.7 million.

Total operating costs declined 10% to USD133.1 million from USD148.4 million with general & administrate costs notably reducing by 30% to USD18.7 million from USD26.7 million.

In the second quarter, the company fully repaid its outstanding USD100 million long-term debt and announced the launch of a USD50 million share buyback programme which will continue through to November 1.

"[We] added 86 new actively-spending first-time advertiser customers in Q2 2024 across technology, finance, political, and other verticals, including 16 new enterprise self-service advertiser customers, and two new independent agencies leveraging the company's self-service software solutions," Nexxen said.

Nexxen reaffirmed guidance of full-year adjusted earnings before interest, taxes, depreciation, and amortisation of approximately USD100 million, up 20% from USD83.2 million reported in 2023.

Nexxen shares were up 4.7% at 301.00 pence each in London on Thursday afternoon.

By Elijah Dale, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Nexxen International Ltd 300.70 GBX 4.59 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures