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Trading statements

7digital first half revenues up 13%

28 July 2017 09:58

7digital said it performed well in the first half of the year and total revenue grew by 13% to £5.93m.

Licensing revenues rose by 25% with the key monthly recurring revenues up by 27%.

The cash balance at 30 June was £1.3m.

7digital said that during the first half it was awarded contracts with a combined value of approximately £5.0m, including set up fees and monthly recurring revenues.

These included contracts with DTS for work in the automotive sector, the world's first full MQA high quality streamed music service with HDtracks and the re-launch of TriPlay's eMusic service in the US.

It added: "MediaMarktSaturn, Europe's largest retailer of consumer electronics, also became a new 7digital customer after the completion of the acquisition of 24-7 Entertainment on June 20.

"The company has a three-year contract for existing 'Juke' music services in Germany and the Netherlands totalling £11m, and a new contract for development of future services worth £6m.

"The acquisition is expected to add approximately £5m to 7digital revenues in 2017 and more than £8m in 2018."

At 9:58am: (LON:7DIG) 7digital Group Plc share price was +0.38p at 6.38p

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