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(Sharecast News) - Marketing company Ebiquity said on Tuesday that its full-year trading performance was in line with expectations, with revenue growing by 20% overall and by 9% organically.
Ebiquity stated profitability had "improved significantly" from the prior year, with its underlying operating margin expected to be 12%, four percentage points higher than in 2021 - reflecting the contribution of recent acquisitions and improved operating efficiencies.
However, the AIM-listed group also said, thanks to a better than expected second half performance, the earn-out payment for its acquisition of Digital Decisions, due in May, was likely to be "somewhat higher" than estimated in its 2022 interim accounts.
Net debt was £8.9m at the end of December, while the company also had undrawn facilities of £8.5m.
Chief executive Nick Waters said: "The group has performed well in the year as we continue to build momentum in the business and deliver progress against our strategic plan. Pleasingly, we have not only seen strong revenue growth but also a significant improvement in profit from the previous year and an underlying profit margin which is expected to be 12%.
"These results reflect the benefit of our two transformative acquisitions in the USA and Europe, our unrelenting focus on improving operating efficiencies and our ability to identify, develop and grow higher margin digital solutions."
As of 1110 GMT, Ebiquity shares were up 8.41% at 58.0p.
Reporting by Iain Gilbert at Sharecast.com