Crossrider plc Trading Update (3991Y)
May 17 2016 - 1:00AM
UK Regulatory
TIDMCROS
RNS Number : 3991Y
Crossrider plc
17 May 2016
Crossrider plc
("Crossrider" or the "Group")
Trading update
Crossrider (AIM:CROS), the creator of digital advertising
platforms specialising in monetising web and mobile media through
the use of big data, today provides the following update on current
trading.
Since the last trading update on 15 March, announced with the
Group's final results for FY15, structural changes in the markets
in which Crossrider operates have negatively impacted on the
outlook for future trading. Mobile revenue growth rates have
declined significantly, particularly within mobile subscription
campaigns which have been negatively impacted by increased
regulation in certain countries.
In addition, as previously announced, revenue from monetising
Web apps through advertising is in decline. The rate of decline is
significant and notably faster than previously expected, which will
impact the Group's revenue and earnings for FY16.
The Directors therefore expect Group revenue and EBITDA for the
current financial year to be approximately 25 per cent lower than
2015. Despite these challenging headwinds, the business remains
operationally cash generative, the balance sheet remains strong
with US$70m of cash and the Board is confident in the Group's
ability to execute accretive acquisitions.
- Ends -
For further information contact:
Crossrider plc +44 (0) 20 3772 2496
Don Elgie, Executive Chairman via Bell Pottinger
Mark Carlisle, Chief Financial
Officer
Bell Pottinger
David Rydell
Sam Cartwright +44 (0) 20 3772 2496
Shore Capital
Bidhi Bhoma
Toby Gibbs +44 (0) 20 7408 4090
About Crossrider
Crossrider is a creator of digital advertising platforms
specialising in monetising web and mobile media through the use of
big data. The Company's web and mobile platforms power ad networks,
agencies and direct publishers and enable the delivery of relevant
digital advertising through the analysis of big data, making online
marketing significantly more efficient and cost effective.
The Group operates web and mobile platforms which generate big
data, enabling the development of a proprietary ad serving
algorithm and engine that can extract value from this data to
deliver relevant advertising to targeted users.
Crossrider's vision is to become the de facto standard platform
for delivering relevant web and mobile adverts to billions of
people, powering the next generation of digital advertising.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
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