Ebiquity's half year in line with market expectations

(ShareCast News) - Market analytics company Ebiquity reported on Wednesday that it has performed in line with market expectations as revenue grew in the first half, boosted by a weak sterling.In a trading statement for six months ended 30 June, the company said two thirds of its revenue is denominated in non-sterling currencies and it had received some benefit from the the weak pound in the first half of the year. Following the Brexit result from the 24 June EU referendum the pound plummeted to 31-year lows.Ebiquity said: "Should this continue, there will be further revenue benefit in the second half of the year, accompanied by a proportionate increase in costs and an overall neutral impact on operating margins."The market Intelligence practice operated in a highly competitive environment with revenues for this business anticipated to decline. Revenue from our platform portfolio business was broadly flat year-on-year outside the US where revenue reflected pressure on client budgets.The project based business further contracted as expected although at a faster rate than planned. Product development and previews of upcoming product launches were well received by clients and should be available in 2017.Ebiquity's media value measurement practice continued to grow in the first half of the year, although it experienced a slowdown in growth as some contract renewals and new business awards were delayed, particularly in the US, as advertisers awaited on the US association of national advertisers' (ANA) media transparency reports, due to be published on 18 July.The AIM listed company anticipates faster year-on-year revenue growth in the rest of the year as advertisers act upon ANA's recommendations, which were prepared with Ebiquity and FirmDecisions.The company said that it will achieve its expectations for the full year to 31 December with improved growth in media value measurement practice and a strong performance in marketing performance optimization practice offsetting the weaker than initially anticipated performance from market intelligence.Shares in Ebiquity fell 0.42% to 118p at 1425 BST.