engage:BDR Ltd (ASX:EN1) has been granted a trading halt by the ASX with a capital raising announcement pending.
In its application for the halt, EN1 said it was necessary to assist it "in managing its continuous disclosure obligations as the company expects to make an announcement to the market in relation to the stated purpose".
The halt will remain in place until the beginning of trade on Tuesday, August 11, 2020, or when an announcement is released to the market, whichever occurs first.
This follows the company achieving a 36% increase in year-to-date revenue as of July 31, 2020.
To the end of July, the company recorded revenue of A$10.3 million in the seven months compared to A$7.6 million at July 31, 2019.
engage:BDR also recorded a 4% increase in monthly revenue in July compared to the previous month, at US$904,000 or A$1.27 million.
In June EN1 reported revenue of US$868,000 or A$1.25 million.
Consistent to EN1’s results, the advertising industry traditionally expects 65-70% of its revenues in the second half of the year from July to December, as the company experienced in 2019 with 34% in the first half and 66% in the second half.
EN1 expects 2020 to produce similar revenue seasonality, as experienced in 2019 and all prior years.