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(Sharecast News) - Ebiquity reported a 4.3% decline in revenue to £76.8m for the year ended 31 December on Tuesday, with adjusted operating profit falling 34.3% to £7.9m.
The AIM-traded company attributed the weaker full-year performance to challenging trading conditions in the first half, which saw a sharp drop in profitability and margin.
It said the second half of the year delivered a marked recovery, with revenue rising 2.7% over the first six months of the year to £38.9m.
Adjusted operating profit rose significantly, to £5.6m from £2.3m in the first half, bringing the second-half margin to 14.3%, close to the prior-year level.
The statutory operating loss for the year widened to £0.9m.
Net bank debt closed the year at £14.8m, marginally lower than at the half-year stage, supported by strong cash collections in the final quarter.
Ebiquity noted a positive start to 2025, with first-quarter trading slightly ahead of management expectations in both revenue and profit.
The board maintained its outlook for the full year in line with current expectations, and said it was encouraged by the early strategic progress under its new leadership team.
Ebiquity said it was planning to continue investing in research and development, with a particular focus on artificial intelligence capabilities.
That would include the planned second-half launch of its agentic AI solution, designed to help clients test and validate campaign strategies ahead of deployment.
Despite continued macroeconomic uncertainty, Ebiquity said its offering remained well-positioned to support clients navigating complex media and market environments.
"I was deeply honoured to be appointed chief executive officer of the company in November," said Ruben Schreurs.
"2024 was not the year we had envisioned, with soft trading and market conditions experienced in the last quarter of 2023 continuing to create uncertainty in the first half of 2024.
"Pleasingly, the second half performance reflected the group's focus on profitability and stringent cost controls and this progress is a testament to the talent and dedication of our people."
Schreurs said there was "a lot to be excited about" for 2025, with four key appointments to the company's executive leadership team to further drive strategic initiatives.
"We occupy a unique position in the media sector and are perfectly positioned to partner with brands seeking to navigate the current uncertainty and disruptions in the macroeconomic environment.
"As a major shareholder myself, I am encouraged by the strong future prospects of the business and determined to realise Ebiquity's full potential.
"I am confident that our focus on quality, innovation and effective and responsible advertising positions us well for success."
At 0910 BST, shares in Ebiquity were up 2.85% at 24.17p.
Reporting by Josh White for Sharecast.com.
