(Alliance News) - dotdigital Group PLC on Wednesday said that trading was progressing ahead of last year, as the company also celebrated returns from its recent acquisition of Fresh Relevance.

Revenue was GBP38.7 million for the six months ended December 31, up 15% from GBP33.8 million in the first half of financial 2023. The group posted GBP69.2 million revenue in 2023. Market consensus anticipates dotdigital's to be GBP78.5 million for the financial year ending June 30.

Functionality recurring revenue is expected at GBP13.2 million, up 8% from GBP12.2 million a year prior, while organic revenue per customer grew 8% to GBP1,700.

dotdigital said that adjusted pretax profit remains in line with market expectations of GBP15.7 million for the full year, putting it ahead of GBP15.4 million achieved in 2023.

As at December 31, dotdigital had GBP37.1 million in cash, down from GBP49.6 million. The company says this decrease is in line with its expectations following the September acquisition of Fresh Relevance, a vendor of cross-channel personalisation technology, for GBP25 million. The integration of Fresh Relevance is progressing "on track", dotdigital said, and the acquisition has already led to new deals with customers "in larger size brackets".

Commenting on the Fresh Relevance acquisition, Chief Executive Officer Milan Patel said: "The Fresh Relevance acquisition is every bit the fit we hoped it would be. Our teams have gelled well and the initial work on combining the technology has been completed. It's testament to the speed and quality of the integration that we are already making meaningful headway together with our combined offering with higher value organisations."

Looking ahead, dotdigital said that trading conditions remain positive, with a growing demand for "impactful and efficient digital marketing capabilities".

The company expects to publish its results for the period on March 5.

Shares in dotdigital closed up 1.2% at 97.80 pence each in London on Wednesday.

By Hugh Cameron, Alliance News reporter

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