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7digital Group PLC gaining traction as Henderson ups stake

Digital music firm 7digital Group PLC continues to turn heads as it emerged global investor Henderson now owns more than 5% of the stock.

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There was continued progress in particular in the radio market, the group revealed...

Digital music firm 7digital Group PLC (LON:7DIG) continues to turn heads as it emerged global investor Henderson now owns more than 5% of the stock.

According to a regulatory filing on Friday, the institutional investor now owns 5.86% of voting rights.

The digital music and radio services specialist posted final results two days ago, which showed a strong performance, with licensing revenues up by 21% to £6.5mln compared to £5.4mln in 2014.

Meanwhile, the total annualised monthly recurring revenue (MRR) for December last year grew by 72% to around £5.8mln against £3.4mln in December last year.

There was continued progress in particular in the Radio market with MRRs from internet-delivered radio  up by 72% in the year to £1.2mln (2014: £708,000), the company highlighted.

In January this year, the company also announced the planned acquisition of leading French digital streaming music provider - Snowite SAS, which will further improve the sales pipeline, expand industry relationships and strengthen the platform technology.

Simon Cole, chief executive of 7digital, said: "Our pipeline is strong, with a healthy number of current customers looking to expand their activities and, as of the year end, discussions were underway with over 60 new prospects across a range of services and geographies.

"Our acquisition of Snowite, with accompanying revenues and enhanced technology, is on track.

"We remain confident that the group will achieve profitability by the end of 2016, and of continued good progress this year and beyond."  

  

Quick facts: 7Digital Group PLC

Price: 0.19 GBX

AIM:7DIG
Market: AIM
Market Cap: £4.67 m
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