Iconic Labs PLC (LON:ICON) has hailed what it said is “material positive progress” in its business activity across the second half of 2020.

In an operational update for the period, the digital media firm highlighted that contracted revenues now exceed £135,000 per month, equivalent to over £1.5mln on an annualised basis compared to £0.1mln for the entirety of 2020. The group also said legacy revenues have “now largely been dealt with”.

READ: Iconic Labs up as JOE and HER media group inks strategic partnership with Ireland’s Premier Sports

The company said the key transformative event was the acquisition by Greencastle Acquisition Limited of the JOE and HER media group and the subsequent entering into of a management service contract (MSC) with Iconic Labs. The firm said it is “confident” that under the MSC JOE can increase its profits and become “a significant source of revenue”.

Looking ahead, Iconic said it believes there are “a number of further acquisition and partnership opportunities in the digital media and advertising sector and through which it can establish partnerships with brands and businesses” and that it is now “well placed to grow the share price” going forward.

“We are delighted that the hard work of the team, and the patience of the shareholders is beginning to be rewarded by substantial positive progress in the Iconic Labs business. Increasing revenues to more than £1.5mln on annualised basis shows that the model and playbook we have been working to is beginning to show the benefits of a substantial amount of work over the previous 18 months”, chief executive John Quinlan said in a statement.

In a separate announcement, the company released its results for the year to June 30, the final set of accounts which covered both the shutting down of its old Widecells business as well as the setting up of the operational platform for the Iconic Labs business.

Pre-tax losses for the year totalled £2.8mln compared to £2.1mln in 2019, while revenues were reported at £107,303. The firm also ended the period with a cash balance of £180,397.

Iconic Labs shares rose 5.7% to 0.014p in early deals on Thursday.

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