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(Alliance News) - Ebiquity PLC on Thursday said its revenue was down in the first half of 2020 due to challenges posed by the Covid-19 pandemic.
The marketing and media consultancy posted a pretax loss in the first half ended June 30 of GBP1.7 million, narrowing from GBP4.2 million a year before. This is due to a drop in administrative expenses which were down 40% to GBP12.1 million from GBP20.4 million a year before.
Revenue was down 8.6% to GBP26.8 million from GBP35.3 million.
Chief Executive Nick Waters said: "The half-year results are indicative of the challenges posed by the global Covid-19 pandemic on our customers and markets which have been impacted as advertisers reduced marketing budgets and related consultancy services. Ebiquity has taken appropriate actions to preserve jobs and to manage the business prudently.
"Despite the wider market challenges, the company has made good progress in securing significant new clients as Accenture exits the sector, with further opportunities remaining to be converted."
The company has suspended dividends until economic conditions are more certain. No dividends were paid in the year prior.
Waters said: "While the outlook for the rest of the year remains difficult to predict accurately, there are encouraging signs of recovery as existing clients re-commission work previously deferred and new work is mandated."
Ebiquity also noted that Covid-19 has accelerated the global shift to digital media and that the company is strategically well placed to take advantage of this trend.
Ebiquity shares were down 12% at 20.50 pence each on Thursday in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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