15th Feb 2019 12:30
LONDON (Alliance News) - Digital advertiser Ocean Outdoor Ltd said on Friday strong third quarter trading continued to the end of the year, with revenue set to grow strongly.
For 2018, Ocean expects pro forma revenue to be around GBP62.2 million, 15% higher year-on-year.
Earnings before interest, tax, depreciation, and amortisation climbed 4.6% year-on-year to GBP19.9 million on a pro forma basis.
The year was "pivotal", Ocean said, as it bought Scottish outdoor media provider Forrest Media for GBP32 million. Before that, advertisers Ocelot Partners Ltd had bought Ocean for GBP200 million, then changed its name back to Ocean Outdoor.
"Forrest provides the group with extensive coverage in Scotland and a significant additional digital development pipeline to augment its core organic plan."
Ocean Outdoor expects investments into Forrest to bring growth and profitability from 2019, with revenue already improving during the latter half of 2018.
Chief Executive Tim Bleakley said: "The group has performed extremely well during a period where the management has also overseen both our launch as a public company and the important Forrest acquisition, which is testament to the strength of our team and the growing demand for Ocean's digital out-of-home offering.
"Forrest has been successfully integrated (now Ocean Scotland) whilst the expansion of the Westfield London asset, which was ready before the key fourth quarter trading period, benefited from record footfall levels, including a 49% increase on Christmas Eve."
Shares were untraded on Friday, last quoted at USD7.15.
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