Ocean Outdoor announces 15% revenue increase
Ocean Outdoor has recorded a revenue increase of over 15 per cent for its last financial year leading to a gross profit of £25.2 million.
The results come after the company made a number of significant acquisitions, including Topco Limited and Forrest Media for approximately £32m, which expanded the Group’s UK DOOH footprint, adding 77 locations and 91 faces across Scotland, with excellent coverage of Glasgow and Edinburgh.
The company also launched three new large format screens at Westfield London, two of which are full motion alongside installation of state-of-the-art screens at two existing marquee assets, Holland Park Roundabout and the Wall at Westfield.
Another two deals have also been secured in the Netherlands with Interbest and Ngage Media for around £45m.
Billings increased year-on-year by 13.7% to £87.8m with revenue up 15.2% to £62.2m and gross profit increased by 13.8% to £25.2m. Digital Billings accounted for 92.8%.
Commenting on the results, Ocean CEO Tim Bleakley said: “This was a significant year for Ocean and these results reflect the actions taken throughout the year to grow, both organically and acquisitively, driving the continued strong performance of our business.
“The successes achieved this year in developing and expanding our network, as well as our entry into the European market, are a testament to the strength of our team and the growing potential for DOOH.
“Looking ahead, management remain committed to the job in hand and delivering on our strategy, working alongside our talented teams who are already building on this momentum in 2019.”