Ebiquity plc (LSE: EBQ) released a trading update for the financial year ending on the 31st of December 2020 revealing that, as expected, it has returned to profitability in the second half.
The independent marketing and media consultancy announced that trading for the year was in line with the board's expectations on Monday morning. The firm achieved higher revenue in the second half of the year compared to H1, reflecting the recovery in demand from new and existing clients.
Activity levels improved as lockdown levels began to relax, and the business returned to profitability in the second half of the year. Although It is likely, they will report a small adjusted operating loss for the full year.
“We are pleased to have delivered on expectations in the second half of 2020, reflecting new business wins as well as a recovery of activity by existing clients, who include the world's leading advertisers,” said Ebiquity CEO Nick Waters.
He continued “We have made an encouraging start to the new financial year and together with our strong balance sheet, we are well placed to reinforce our position as the leading, independent global media consultancy.”
Additionally, the company’s net debt of £7.7 million matched expectations.
Ebiquity's share price is currently at 20.7p after gaining 8.09% at the London session opening.