Shares in ad tech company Nexxen jumped over five per cent on Monday as it reported record first quarter revenue and initiated a $50m (£39.4m) share buy back scheme.
The New York-based advertising technology company, formerly known as Tremor International, said revenue from programmatic display and mobile and desktop video grew five per cent to $65.6m (£51.6m), a first quarter record.
But Connected TV revenue fell 11 per cent to $18.8m (£14.8m) due to reduced advertising activity from small and mid-sized customers.
Nexxen generated adjusted EBITDA of $11.9m (£9.4m) in the first quarter of 2024, a 34 per cent increase from $8.9m (£7m) in the year-ago period.
The London-listed company also said on Monday it has completed a $20m (£15.7m) ordinary share buyback scheme and launched an additional $50m (£39.4m) programme.
On Friday, it repurchased 30,000 ordinary Nexxen shares at an average price of 228.55 pence per share.
Tremor announced a re-brand to Nexxen last summer, saying the new identity encompasses “all of the company’s key strategic growth pillars”.
Ofer Druker, chief executive of Nexxen, said: “In Q1 2024, we completed our rebrand, enhanced our data suite with premium on-the-go streaming data, and expanded our TV partnerships, now boasting strong relationships with all the world’s major CTV OEMs.
“Positioned as a go-to strategic partner at the forefront of the TV and video AdTech ecosystems, Nexxen is poised to capitalize on a growing opportunity in an improving market.
“We also recently introduced our innovative Nexxen Data Platform, enabling better data monetization, forged exciting new partnerships with industry leaders, and boosted spending and product adoption among our largest clients.
“These achievements, combined with our visibility into the remainder of the year, enable us to confidently reaffirm our full year guidance,” Druker added.
In March, Nexxen said it swung to a pretax loss of $19m in 2023 from a profit of $42.4m in 2022.
It comes after rumours surfaced late last year that the firm was considering switching its London listing for a New York one.