Rightster Group's first half revenues rises 268%

28th Jul 2015 13:00

(ShareCast News) - Rightster Group, a digital video distribution and monetisation network, said its net revenue during the first half of the year jumped 268% thanks to cost savings.Revenues increased 268% to £7m after reducing staff and the closing its technology office in Bangalore.As a result, the company's cost savings rose from £3m to £5m during the six months to 30 June 2015.Its online video traffic jumped 331% to 1.6bn during the first half compared with same time last year.During the period, Rightster secured a content partnership wit Spotify and a partnership with Universal Pictures which used the group's network on YouTube, Instagram, Facebook and Snapchat.It also launched its Canvas arts project with partners such as Sadler's Wells and Southbank Centre.The business in Asia Pacific also registered strong growth thanks to deals with Heineken and GlaxoSmithKline.Chief executive Patrick Walker said: "I am delighted with the significant progress the company has made in the past six months."The management team has been able to demonstrate the strategic rationale behind the acquisitions last year through both substantial cost synergies and exploiting the revenue opportunities."Shares rose 7.14% to 15p on Tuesday at 11:50.