Ebiquity PLC, a global leader in media investment analysis, has released a trading update for the financial year ending 31 December 2023. The company expects a 7% growth in Group revenue to £80.2 million, up from £75.1 million in 2022. Adjusted EBIT is projected to increase by 31.0% to £12.0 million, reflecting the impact of cost management and a slightly higher margin business mix. The resulting adjusted EBIT margin is expected to improve to 15.0% from 12.2% in 2022, showcasing operational efficiencies and growth in the higher margin Digital Media Solutions business.
As of 31 December 2023, the company's net debt was £11.9 million, including cash balances of £10.0 million, with undrawn facilities of £7.1 million. The CEO, Nick Waters, highlighted the company's satisfactory start in 2024, despite the subdued client spend due to current media market challenges. Waters expressed confidence in the company's ability to continue making profitable progress in 2024, supported by the transformation program, cost management, and the growing Digital Media Solutions business.
Nick Waters, CEO of Ebiquity, stated, "The Group continues to perform well against market and macroeconomic headwinds. Significant investment has been made in our transformation during the year, and it is encouraging to see the benefits of this starting to take effect in improved operational efficiency." He also emphasized the positive impact of an increasing contribution from the higher margin Digital Media Solutions business on the company's profitability.
The announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. For further information, enquiries can be directed to Ebiquity or Camarco, the company's financial adviser, NOMAD & broker. Panmure Gordon serves as the financial adviser, NOMAD & broker, and can be contacted for corporate advisory.