Tremor International (TRMR) told investors it expects adjusted earnings of $60 million, and revenues of $325 million for the 2019 financial year.
The Israel headquartered video advertising technology firm, revealed a net cash position of over $75 million at the year end, despite a $25 million share buyback during the year.
In the update, Tremor told investors that its merger with Rhythm One in April 2019 created a business of ‘significant scale’, and that it has benefited from the synergies and shift in focus towards high-margin activities and brand advertising.
The company also said that its video advertising division traded well in the period, benefitting from an ongoing shift in digital advertising spend to video.
Shares in Tremor International rose 12.78% to 203p during Wednesday morning trading
Tremor International shares have risen over 60% in the last 6 months.
The firm is expanding its global footprint, after acquiring Unruly, News Corp’s programmatic video marketplace, in January.
Tremor said it would build on Unruly’s relationships with tier 1 brands like P&G, Unilever and American Express.
As part of the deal it struck with News Corp, it was also given the exclusive rights to sell outstream video on more than 50 News Corp titles in the UK, US and Australia.
Tremor has offices in the US, Canada, Asia-Pacific, Europe, India and Latin America, and operates three core divisions: Tremor Video (brand advertising), RhythmOne (media) and Taptica (performance advertising).
Its full year results are scheduled for release on 31 March 2020.
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