13th Nov 2019 11:37
(Alliance News) - Ocean Outdoor Ltd said on Wednesday it has recorded a "strong" performance during the third quarter of 2019 and continues to trade in line with expectations.
The advertising company said its revenue for the three months to September 30 grew 12% to GBP29.0 million from GBP25.8 million at the same period a year ago.
The company said its performance was underpinned by the EUR63.0 million acquisition of the Sweden-based digital media group Visual Art, operating 25,000 advertising screens across 24 countries.
Ocean Outdoor said the integration of Visual Art "is going well and the group has a clear strategy in place to enhance its digital portfolio in the highly attractive geographies in which it operates".
Ocean Outdoor said there were "notable campaigns" during the quarter with Team GB and Toyota GB and an exclusive partnership with ITV to broadcast highlights and live England games from the Rugby World Cup.
"Such high profile campaigns reaffirm the stature of Ocean's iconic sites and the high impact they have on audience," the company said.
Chief Executive Tim Bleakley said: "Visual Art is a great new addition to the group and the integration process is on track."
"Despite political uncertainty in the UK, the advertising market has held up reasonably well and the out-of-home market continues to outperform traditional media," Bleakley said.
Ocean Outdoor shares were flat in London at USD7.58 each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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