Ocean Outdoor full year earnings boosted by acquisitions
London-based out of home advertising firm Ocean Outdoor, said full year earnings before deductions rose 4.6 per cent to £19.9 million on a pro forma basis.
2018 was a pivotal year as Ocelot merged with the operating entities of Ocean in March, and the Group completed the acquisition of Forrest in June 2018. Forrest provides the Group with extensive coverage in Scotland and a significant additional digital development pipeline to augment its core organic plan.
The strong trading performance the Group saw in Q3 continued through Q4 2018. For full year 2018, Ocean Group revenues on an adjusted basis, are expected to be £59.5 million. On a pro forma basis, where all operating companies are assumed to have been held from 1 January 2017, Ocean expects full year revenues to be £62.2 million, up 15.2% on the previous year.
Group EBITDA increased by 4.6% to £19.9 million, again on a proforma basis, and £19.3 million on an adjusted basis.
"The Group has performed extremely well during a period where the management has also overseen both our launch as a public company and the important Forrest acquisition, which is testament to the strength of our team and the growing demand for Ocean's DOOH offering”, said Ocean CEO Tim Bleakley.
“Forrest has been successfully integrated (now Ocean Scotland) whilst the expansion of the Westfield London asset, which was ready before the key Q4 trading period, benefited from record footfall levels, including a 49% increase on Christmas Eve.
"Digital Out-Of-Home is delivering brand impact to desirable audiences at scale in a trusted advertising environment, helping the OOH sector grow share in 2018 and beyond. We therefore feel confident about the growing momentum within Ocean and the sector, despite the wider uncertain UK economic backdrop."