Nexxen International Ltd on Thursday posted an improved financial performance for the first half with the company cutting costs and eliminating its long-term debt.

The Israel-based global advertising platform said pretax loss narrowed to $1.8 million in the first half that ended June 30 from $24.7 million the previous year.

Revenue increased 4.5% to $163.0 million from $156.0 million, while cost of revenue fell 2.0% to $30.1 million from $30.7 million.

Total operating costs declined 10% to $133.1 million from $148.4 million with general & administrate costs notably reducing by 30% to $18.7 million from $26.7 million.

In the second quarter, the company fully repaid its outstanding $100 million long-term debt and announced the launch of a $50 million share buyback programme which will continue through to November 1.

‘[We] added 86 new actively-spending first-time advertiser customers in Q2 2024 across technology, finance, political, and other verticals, including 16 new enterprise self-service advertiser customers, and two new independent agencies leveraging the company’s self-service software solutions,’ Nexxen said.

Nexxen reaffirmed guidance of full-year adjusted earnings before interest, taxes, depreciation, and amortisation of approximately $100 million, up 20% from $83.2 million reported in 2023.

Nexxen shares were up 4.7% at 301.00 pence each in London on Thursday afternoon.

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