Iconic Labs PLC (LON:ICON) rose on Friday after announcing the relaunch of LGBTI community platform Gay Star News (GSN) after acquiring it in September for £33,000.

The new media company said GSN, which has been rebuilt and rebranded after closing last July, attracts over 1mln people each month and has 800,000 followers on Facebook.

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Revenue is on a cost per impression basis, meaning advertisers pay each time an ad is displayed and last year it generated £500,000.

GSN is also in final negotiations with a partner for its first branded content campaign.

“We are very confident in building on this strong start and excited at the potential we are seeing in the sales pipeline,” said chief executive John Quinlan in a release.

Shares advanced 4% to 0.068p on Friday afternoon.