Seeen scores US contract win, Q1 revenues grow
By Iain Gilbert
Date: Tuesday 13 Apr 2021
(Sharecast News) - Media and video technology platform operator Seeen said on Tuesday that it had secured a contract expected to launch in the second quarter of the current year.
Seeen signed a commercial agreement with an unnamed, major tire retailer in the United States to provide both its CreatorSuite technology and Content Production Services.
The AIM-listed firm said the agreement was worth a minimum of $50,000 in revenue in the next twelve months, rising to up to $100,000 depending on the amount of traffic driven to the customer's website through CreatorSuite.
Seeen also issued a "strong" trading update for the three months to 31 March, with first-quarter revenues up 12.8% at $2.3m despite quarterly views slipping 8.2% to 4.0bn.
Looking forward, Seeen said it had continued the growth trajectory re-established in the second half of 2020 and was "actively introducing" its new products to early adopters.
Seen stated that given fast-moving market dynamics in this space and opportunities created by Covid, it would look to build further momentum through acquisitions of digital content, analytics and advertising companies.
Chairman Dr Patrick DeSouza said: "We delivered a strong first quarter that built on the momentum of 2H 2020. We plan on delivering a strong second quarter. Given the rapid growth of the video content and e-commerce market during Covid, we plan to aggressively pursue the market opportunity with additional sales personnel and our newly appointed financial adviser, Panmure Gordon."
As of 0945 BST, Seeen shares were down 2.39% at 40.02p.
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