Ebiquity in its pre-close trading update, reported that trading for the year ended 31 December 2019 was in line with the Board’s expectations. The group reported good revenue growth across its Advanced Analytics, AdTech and Contract Compliance practices. Media practice revenue fell marginally YoY. The group continues to monitor operating costs.
Net debt declined to £5.8m as of 31 December 2019 vs. £7.0m on 30 June 2019. The net debt levels reduced significantly YoY from £28m, prior to the sale of the advertising intelligence division. The reduced debt levels have lent it added flexibility to support future growth plans, including the recent announced acquisition of Digital Decisions.
Alan Newman, Interim CEO of Ebiquity, commented: “We are pleased to have met expectations in the last year in terms of profitability and grown high potential areas of our business. We continue to re-engineer the business to deliver profitable growth and seize market opportunities that reinforce our position as the leading, independent global media and marketing consultancy, including those arising from the closure of Accenture’s media auditing practice.”