Print Published 14th Mar 2017, 14:48

Crossrider loses £10.7m after app retrenchment and Definiti write-down

Revenue earned by the AIM listed online advertising and app distribution company Crossrider fell by 33% in 2016 as it ceased any further investment in web applications and refocussed on becoming a distributor of applications and products.

In addition “regulatory changes” had an adverse effect on the group’s recently acquired subsidiary Definiti Media that provides of digital advertising services for the mobile market, resulting in a £3.4 million write down of the original £10 million purchase price.