Ebiquity swings to loss as investments fail to pay off
StockMarketWire.com - Marketing and media consultancy Ebiquity swung to an annual loss after planned investment spending failed to deliver anticipated revenue growth.
Net losses for the year through December amounted to £5.3m, compared to profits of £2.4m on-year.
Revenue rose 2.5% to £89.6m, though underlying profit fell 34% to £5.2m.
Ebiquity held its dividend steady at 0.71p per share.
'2018 has been a challenging, transformational and transitional year,' chief executive Michael Karg said.
'Against the background of revenue growth, the reduction in the continuing business operating profit was disappointing and was a result that clearly fell short of our goals.'
'The company now has greater financial flexibility, a more streamlined business and a strengthened management team.
'We are focussed on growing and expanding our media and analytics and tech practices and improving our profitability.'
'Ebiquity operates in a growing, dynamic and ever-evolving media market and is well-positioned to serve advertisers' needs and drive growth through the provision of specialist advice, proprietary tools and high-quality service.'
At 2:16pm: (LON:EBQ) Ebiquity PLC share price was -2p at 43p
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