REG - Ebiquity PLC - Trading Update

EbiquityAnnouncement

12/03/2024 07:15

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RNS Number : 4259G  Ebiquity PLC  12 March 2024

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)

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