Tremor International Ltd (LSE: TRMR) said performance during the first quarter of 2021, which historically is the lowest quarter by revenue in the year, is significantly ahead of the same period in 2020, causing a spike higher in its share price to 710p.
The video advertising technology company's performance in Q1 2021 means it now expects trading for the year ending the 31st of December 2021 to be substantially ahead of its previous expectations.
Tremor expects net revenue to be between $55 and $60 million, an increase of 71%-87% from $32.1 million in 2020. Adjusted EBITDA is expected to be $25 million to $28 million compared to $0.5 million in 2020 Q1.
Its programmatic net revenues are also expected to grow during the year by 84%-95%.
Tremor said the positive momentum has come from its focus on video and data with its core solutions of Connected TV, Private Marketplaces and its self-serve platform gaining traction.
The company's share price is currently 17.26% higher after the announcement, at 710p.
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