("Ebiquity" or "the Company")
Postponement of Results and COVID 19 update
Following the request by the FCA that all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks, the preliminary results for Ebiquity will be delayed from the previously planned date of publication on Thursday 26th March 2020. Notification of a new publication date will follow when further guidance from the FCA and other regulatory authorities is available.
Ebiquity's global business is continuing to deliver services to clients as usual, with staff in most of our offices worldwide now working remotely, supported by our global IT systems. We are pleased though that our staff in China and Singapore are now returning to office-based working.
As previously announced on 19 February 2020, Ebiquity's trading for the year ended 31 December 2019 was in line with expectations with the second half performance trend similar to the first half of the year. Whilst the audit is not yet complete, if announcing preliminary results today, Ebiquity would be expecting to report, on a going concern basis, revenue of £68.7 million and Adjusted Operating Profit of £6.2 million.
Following the disposal of Ad Intel in January 2019, Ebiquity has a considerably stronger balance sheet. Net debt at 31 December 2019 was £5.8 million, (compared to £28 million prior to the disposal of Ad Intel). At that date, its cash balances were £8.2m. The Group has committed banking facilities of £24 million, whose maturity date is in 2023, of which £14 million was drawn down as at 31 December 2019.
Trading in the current year has started in line with the Board's expectations. However, the rapidly developing Covid-19 global outbreak is clearly creating uncertainty over the coming months for our clients' businesses, which cover many sectors and geographies, as well as our own. The Board therefore believes it prudent at this stage to withdraw guidance on the Group's overall performance in 2020.
Rob Woodward, Chairman commented:
"We are extremely proud of all of our staff who have shown great resilience and flexibility in responding to the challenges of the Covid-19 outbreak. The Board thanks all Ebiquity's global teams for their continued commitment and determination to deliver high quality professional service and independent media advice to our clients during this difficult time."
Alan Newman (Interim Chief Executive Officer)
Mark Sanford (Company Secretary)
Via Instinctif Partners
020 7457 2020
Numis Securities Limited
Nick Westlake (NOMAD)
020 7260 1000