19th Mar 2019 11:29
LONDON (Alliance News) - Advertising company Ocean Outdoor Ltd announced a USD25 million share buyback Tuesday after proforma revenue and profit rose amid a "strong" performance in its core business.
In 2018, the digital billboard advertising firm swung to a GBP6.9 million pretax profit from a GBP24.1 million loss the year prior. This was after proforma revenue rose to GBP62.2 million from GBP54.0 million the year before.
Ocean Outdoor - then named Ocelot Partners Ltd - acquired advertising firm Ocean for GBP200 million in March 2017, subsequently changing its name.
Adjusted proforma earnings before interest, taxes, depreciation and amortisation grew 4.7% to GBP20.0 million.
"This was a significant year for Ocean and these results reflect the actions taken throughout the year to grow, both organically and acquisitively, driving the continued strong performance of our business", Ocean Outdoor Chief Executive Officer Tim Bleakley said.
"The successes achieved this year in developing and expanding our network, as well as our entry into the European market, are a testament to the strength of our team and the growing potential for digital-out-of-home advertising," Bleakley added.
Although Ocean Outdoor did not declare a dividend, the firm did launch a USD25 million share buyback to begin as soon as possible.
"Looking ahead, management remains committed to the job in hand and delivering on our strategy, working alongside our talented teams who are already building on this momentum in 2019," Bleakley continued.
Shares in Ocean Outdoor were 2.4% higher at USD7.50 on Tuesday, giving it a market capitalisation of USD395.6 million.
Related Shares:
OOUT.L