Ebiquity Plc
12 March 2024
Trading Update
Ebiquity plc ("Ebiquity" or the
"Group"), a world leader in media investment analysis, announces a
trading update for the financial year ended 31 December
2023 ahead of its full year results which are expected to be
announced in the second half of April 2024.
For the year ended 31 December 2023
Group revenue is expected to have grown by 7% to £80.2 million
(2022: £75.1 million).
Adjusted EBIT is expected to have
increased by 31.0% to £12.0 million (2022: £9.2 million),
reflecting the impact of cost management and a slightly higher
margin business mix. The expected resulting adjusted EBIT
margin, at 15.0%, is an improvement of 2.8 percentage points from
12.2% in 2022, reflecting the operating efficiencies we have
delivered as part of our transformation programme, cost management,
as well as a continuing growth in our higher margin Digital Media
Solutions business.
Net debt as at 31 December
2023 was £11.9 million (including cash balances
of £10.0 million) with undrawn facilities of £7.1
million.
2024 has started
satisfactorily. While clients have continued to seek our
services as they endeavour to navigate the current media market
challenges and maximise returns from their investments, supported
by our specialist expertise and global service offering, we expect
the quantum of client spend to remain slightly more subdued until
more consumer confidence returns. Notwithstanding this, we
expect to continue to make further profitable progress this year
supported by our transformation programme, continued cost
management and our growing Digital Media Solutions
business.
Nick Waters, CEO,
commented:
"The Group continues to perform well
against market and macroeconomic headwinds. Significant
investment has been made in our transformation during the year and
it is encouraging to see the benefits of this starting to take
effect in improved operational efficiency. This, and the
positive impact on our business mix of an increasing contribution
from the higher margin Digital Media Solutions business, has led to
significantly improved profitability.
We expect to make further profitable
progress in 2024."
Note 1: Adjusted EBIT is defined as
EBIT excluding share-based payments, amortisation of purchased
intangibles and non-recurring items.
Market abuse regulation
This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR").
Enquiries:
Ebiquity
Via Camarco
Nick Waters,
CEO
Julia Hubbard,
CFO
Camarco
Ben
Woodford
+44 (0)7990 653 341
Geoffrey
Pelham-Lane
+44 (0)7733 124 226
Panmure Gordon (Financial Adviser, NOMAD &
Broker) +44
(0)20 7886 2500
Dominic Morley / Dougie McLeod
(Corporate Advisory)
Mark Murphy / Sam Elder
(Corporate Broking)