Ebiquity PLC has announced its final results for the year ended 31 December 2023, highlighting a positive performance despite challenging market conditions. The company, a world leader in media investment analysis, reported a 6.8% increase in revenue to £80.2 million and a 31.1% rise in adjusted operating profit to £12.0 million. The adjusted operating profit margin also improved by 2.8 percentage points to 15.0%. The company's statutory operating loss reduced significantly by £5.7 million to £0.3 million.
The strong operational performance was attributed to continued revenue growth in North America following a successful acquisition in 2022, traction on efficiency driving GMP365 ("GMP") transformation, and expansion in relationships with clients despite challenging market conditions. Additionally, higher margin Digital Media Solutions revenue increased by 22% to £7.8 million.
Nick Waters, Chief Executive Officer, expressed satisfaction with the company's performance, emphasizing the resilience shown in increasing revenue and delivering a strong operating margin performance. He also highlighted the successful integration of MediaPath and MMi, acquired in 2022, which helped increase global scale and client offering. The US business was particularly noted as an outstanding performer, expanding the scope of work from major clients and adding new clients.
Waters also outlined the company's business transformation program, which has been ongoing for twelve months, focusing on transitioning work onto the GMP platform and enhancing the use of technology to improve client service, efficiency, and long-term profitability. The outlook for the advertising industry in 2024 appears slightly more positive, and the company is focused on further profitable progress in the coming year.
The company's Executive Directors will host webcast presentations for analysts and investors, providing an opportunity to learn more about the company's performance and future plans.