Ebiquity trades in line during H1, interim revenues up YOY

Media firm Ebiquity said on Tuesday that trading in the six months ended 30 June had been in line with expectations.

Ebiquity said its businesses had continued to build on momentum witnessed during the second half of 2020, with revenues of approximately £32.0m - 19% ahead of the previous year.

The AIM-listed group stated this reflected both the recovery in demand from existing clients as activity levels returned to normal, as well as the company's success in winning new business.

As expected, Ebiquity turned a profit for the half, a marked turnaround when compared to the loss incurred in the first half of 2020.

Ebiquity noted that net debt was £10.3m as of 30 June, comprising cash balances of £9.3ma and gross debt of £19.7m.

Chief executive Nick Waters said: "We are pleased to have delivered on expectations in the first half of 2021, reflecting the progress we are making as a business and continued recovery in activity across the advertising markets. The development of our new digital solutions portfolio is progressing to plan.

"We are seeing the results of solid new business performance and developing higher-value strategic client relationships. We anticipate further progress in the second half."

As of 0905 BST, Ebiquity shares were up 11.25% at 58.96p.