Tremor International Ltd Full Year Audited 2020 Results
Record H2 and Q4 2020 performance. Strong start to 2021 underpins ongoing organic growth opportunities.
Unruly’s parent company Tremor International Ltd (AIM: TRMR), a global leader in video advertising technologies, today announces its audited results for the year ended 31 December 2020.
Financial highlights
- A record performance in H2 and Q4 2020 dominated trading for the full year
- Programmatic net revenue increased by 30% to $161.6 million (2019: $124.2million) offset by an anticipated decrease of 43% in Performance activity
- Total net revenue increased by 12% to $184.3 million (2019: $164.0 million) with 88% of net revenues generated from Programmatic activities compared to 76% in 2019, and 91% in Q4 2020 – see table below
- Record H2 adjusted EBITDA3 of $58.7 million, up 51% vs. H2 2019
- Full year 2020 adjusted EBITDA of $60.5 million (2019: $60.4 million) impacted by Covid-19 related and industry-wide headwinds across global advertising markets in H1 2020
- Increase in Programmatic activities, mainly attributable to revenue growth in Connected TV (“CTV”), self-serve platform as well as the DSP offerings in private marketplaces. This was offset by the anticipated decrease in Performance activities
- Building on the momentum from last year, we have seen a strong start to 2021 compared to the same period, pre Covid-19, in 2020, driven by strong organic growth
- Reported EPS of 1.6 cents (2019: 5.6 cents) and Adjusted Diluted EPS of 30.46 cents (2019: 37.05 cents). Net cash from operating activities of $35.2 million (2019: $45.1 million) mainly due to working capital requirements during record H2 and Q4 2020 performance
- Net cash as of 31 December 2020 of $96.8 million (30 June 2020: $78 million), after returning $10.0 million to shareholders since March 2020 via the Company’s share buyback programmes
- Effective from 1 January 2020, Tremor now recognizes revenue on a net basis for the Programmatic activity, which had been recognized on a gross basis historically, including for 2019. Performance revenue will continue to be recognized on a gross basis for 2019 and 2020
* In order to facilitate comparability of our results of operations, we have excluded Programmatic media cost for 2019 ($117.3 million). Programmatic media cost represents costs of acquiring publishers’ advertising space that is purchased by advertisers via our Programmatic end-to-end solution.
** For the year ended 31 December 2020, our audited revenue consists of Programmatic revenue that is recognized on a net basis (which excludes the Programmatic media cost as defined above) and Performance revenue that is recognized on a gross basis.
*** Net revenue is defined as our revenue calculated on a net basis by excluding the media cost for both Programmatic and Performance activities. Net revenue is a non-IFRS financial metric.
