Today, Ebiquity reported its FY09 preliminary results. Adjusted diluted EPS came in at 5.3p versus our estimate of 5.1p, though revenues and expenses were both slightly below our expectations. Benefiting from advertisers’ increased focus on achieving a higher return on marketing investment, revenues in the Analytics business grew 13%, with international assignments rising 36%. However, Platform division revenues fell 5%, affected by a moderate decrease in renewal rate. Net debt of £2.6m (excluding a £0.4m loan to associates) was lower than we anticipated.

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