29th Aug 2018 11:10
LONDON (Alliance News) - Ocean Outdoor Ltd on Wednesday said it is on track to achieve full-year targets after swinging to a profit in the first half of 2018.
The media company posted a GBP8.2 million profit in the first six months of 2018 from the GBP25.0 million loss reported for the period from January 20 to the end of June last year.
The company also said it generated a maiden revenue of GBP13.1 million.
The prior year, pretax profit was impacted by non-cash charge of GBP24.2 million related to founder preferred shares.
Administrative expenses multiplied to GBP5.8 million from GBP1.2 million the year before, which was more than offset by foreign exchange gain of GBP7.8 million.
"The business has continued to perform well, with site numbers expanded and our new products creating highly immersive brand experiences," said Chief Executive Tim Bleakley.
"With the group's stock market readmission expected to take place as soon as reasonably practicable, we are excited about the future and are on track to meet our full year targets," added Bleakley.
Trading in Ocean's shares remains suspended.
At the end of March advertising company Ocelot Partners Ltd completed the acquisition of Ocean for GBP200 million. Following the transaction Ocelot changed its name to Ocean.
Related Shares:
OOUT.L