RhythmOne has announced H1 result for the year to Sept 2018. They have also announced approval of a share buy back. In H1 revenues grew to $175.5m up 53% YoY. Gross margin improved significantly to 45% from 38%. There was a significant improvement in Adjusted EBITDA to $20.5m, $17.5m better than H1 2017 $3.0m. After seasonal working capital outflow, cash flow is expected to be very strong in H2 and they will buy back shares. Our EBITDA forecasts are unchanged. We retain our Buy rating and 770
