Ebiquity PLC (LON:EBQ) shares surged on Wednesday as the media monitoring firm reported full-year trading that was “in line” with its expectations as it managed to cut down its debts.
In a trading update for the year ended 31 December, the AIM-listed firm said it had experienced “good revenue growth” in its advanced analytics, AdTech and contract compliance practices while also managing to maintain “tight control” over its operating costs.
READ: Ebiquity slides as it warns on flat profits for continuing business in 2019
The one dark spot was its media business, where revenues “fell slightly” year-on-year.
Ebiquity also said its net debt had fallen to £5.8mln from £7mln on 30 June and from £28mln at the end of 2018.
The firm said the decline in net debt meant it had “greater financial flexibility to support future developments” including the acquisition of digital media monitoring group Digital Decisions, which it bought for €700,000 in January.
Ebiquity added that it was “confident” that it will be able to “deliver improved performance in the medium term”.
The shares soared 23.1% to 32p in early deals.