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(Alliance News) - Shares in Ebiquity PLC rose on Monday after it said higher revenue in the second half of 2020 resulted in a return to profitability for the full year and highlighted an "encouraging" start to the new year.
Shares in the marketing and media consultancy were trading 8.1% higher at 20.70 pence each on Monday morning in London.
London-based Ebiquity said trading for the year was in line with expectations. Higher revenue in the last six months resulted from a recovery in demand from existing clients, as they returned to more normal activity levels, as well as the winning of new business.
While the company turned a profit for the second half, it warned it would likely report a "small" adjusted operating loss for the full year.
For the first half of 2020, Ebiquity posted a pretax loss of GBP1.7 million on revenue of GBP26.8 million. For 2019, pretax loss was GBP5.1 million on revenue of GBP68.7 million.
"We are pleased to have delivered on expectations in the second half of 2020, reflecting new business wins as well as a recovery of activity by existing clients, who include the world's leading advertisers. We have made an encouraging start to the new financial year and together with our strong balance sheet, we are well placed to reinforce our position as the leading, independent global media consultancy," said Chief Executive Nick Waters.
Net debt as at December 31, 2020 was GBP7.7 million, up from GBP5.6 million on the same date in 2019 and GBP6 million as at April 30, 2020.
By Ife Taiwo; ifetaiwo@alliancenews.com
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