Ebiquity’s FY14 results show continuing growth, with two of the three operating segments producing strong organic growth. Group underlying operating profit margin rose to 16.6% (FY13: 16.3%). Underlying PBT of £10.2m was £0.6m shy of our estimate as the Media Intelligence segment held back growth. Management has restructured its business to take advantage of the fast changing marketing industry and has put the building blocks in place to accelerate its international business in the US and Asia. However, FY15 underlying EPS growth is likely to be restrained by, as anticipated, a full 28% (FY14: 20%) tax charge.

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