On 6 February 2019, Adslot Limited (ASX: ADJ), an information technology company involved in various online and digital media activities, announced the appointment of its permanent CEO, Mr Ben Dixon.
Mr Andrew Barlow, who is the Executive Chairman of Adslot Limited stated that in the past 12 months, during the extraordinary tough environment, Ben had done an excellent job. He also appreciated his efforts till date. The board also agreed that Ben is the best person for the position of the CEO.
With the confirmation of Ben as the permanent CEO, his base salary also increased from $206,000 per annum to $300,000 per annum, effective 1 January 2019. However, his previous base salary of $206,000 had not been reviewed since 2015, and it remained unchanged when he was appointed as an interim CEO in February 2018 as per the ASX announcement on 27 February 2018.
The increase in the remuneration resulted from the revenue growth across Symphony and Adslot and the tight cost control.
There was another announcement from ADJ on 5 February 2019 where the company announced that it had completed the activation of its Symphony digital media workflow technology for GroupM agencies in the Philippines market. Philippines is the 14th market which got activated under the ADJ’s multi-market agreement with GroupM, the largest media buyer of the world. The company will receive an Activation fee along with the ongoing license fees upon market activation, which will commence in March 2019.
Soon, the company will be looking forward towards continuing the activation of the Symphony product across further markets in the Asia-Pacific region and EMEA region for GroupM during the remaining period in 2019.
Since the inception of Adslot Limited on ASX, the stock has generated a negative return of 31.70%. However, in last one year, the performance of the stock was 55.56%.
By the end of the December quarter on 31 December 2018, there was a net cash outflow of A$1.186 million from the operating activities of the company. During the period, the company generated A$3.648 million in the form of receipts from the customers. At the same time, the company made payment in the form of staff costs, research and development, publishers, advertising and marketing, leased assets and other working capital/overheads.
The company made payment to acquire other non-current assets during the December quarter. As a result, there was a net cash outflow of A$0.006 million from the investing activities of the company.
There was a net cash outflow of A$0.032 million from the financing activities of the company.
By the end of the December quarter on 31 December 2018, ADJ had net cash and cash equivalent worth A$4.819 million.
The company expects that in the March quarter, the estimated cash outflow from the operating activities will be around A$8.610 million
At present, the market price of ADJ is A$0.041 which is down by 2.381% as compared to the previous trading day’s closing price (as at 3:42 PM AEST, 6 February 2019). The stock has a market capitalization of A$59.98 million with approximately 1.43 billion outstanding shares.
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