Ebiquity trades in line following strong H2
Marketing and media consultancy Ebiquity traded in line with expectations in 2019 after the strong momentum witnessed in the first half of the year carried on into the second.
Ebiquity said on Wednesday that it continued to experience good revenue growth in its advanced analytics, ad tech and contract compliance units during the year, while also maintaining "tight control" of operating costs despite media practice revenues falling slightly year-on-year.
Net debt shrank 79.2% to £5.8m, providing the group with greater financial flexibility to support future developments.
The AIM-listed group added that it remained confident that Ebiquity would be able to "fulfill its potential" and deliver an "improved performance" in the medium-term.
Interim chief executive Alan Newman said: "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."
As of 1015 GMT, Ebiquity shares had shot up 24.02% to 32.24p.