18th Feb 2020 15:20
(Alliance News) - Ocean Outdoor Ltd on Tuesday said it will post higher revenue and earnings for 2019 as its acquisition strategy resulted in an expansion into six new countries.
Earnings before interest, taxation, depreciation, and amortisation in 2019 was 11% higher at USD33.6 million on a proforma basis from GBP30.4 million the year before, while revenue was up 13% proforma at USD141.3 million from GBP124.5 million.
These proforma figures assume digital out-of-home advertising firm Ocean Outdoor and all of its subsidiaries has been owned from the start of 2018. These figures also exclude the company's Visual Art Media Sales business and its Ad City Media business, along with earnings from Ocean Outdoor's Visual Art Digital Signage joint venture.
The company's September forecast was for high single digit revenue growth, though this forecast did not appear to be on a proforma basis.
Ocean Outdoor made numerous acquisitions in 2019, including Ngage Media BV, Interbest BV, DKTD Media BV, AdCityMedia AB, and Beyond Outdoor.
"2019 was truly a transformational year for Ocean Outdoor. The company has executed on its acquisition strategy, taking Ocean into six new countries (the Netherlands, Sweden, Denmark, Norway, Finland and Germany) and creating one of the leading [digital out-of-home] players in Northern Europe," said Ocean Outdoor.
Chief Executive Tim Beakley said: "Our expanded geographical presence allows us to build a combination of premium digital assets and quality audience delivery networks across northern Europe that will meet the needs of both customers and advertisers."
He added: "As we progress into 2020 we are excited to work alongside the team at AdCityMedia to fully integrate the latest addition into the Ocean Group and continue to develop our business in the UK and the rest of Europe."
Shares in Ocean Outdoor were up 0.6% at USD7.90 in London on Tuesday afternoon.
By Anna Farley; [email protected]
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