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LONDON (Alliance News) - Marketing and media consultant Ebiquity PLC said Tuesday that trading in 2018 was in line with its expectations but its 2019 profit will be flat.
Shares in Ebiquity were down 9.8% in mid-morning trade at 55.00 pence each.
Ebiquity said its continuing business in media, analytics and technology, as well as the Advertising Intelligence business it sold to Nielsen Media Research at the beginning of 2019, performed "as anticipated".
The company's consultancy business achieved revenue growth of 8% in 2018, and Ebiquity said it is targeting a similar growth rate in 2019.
"We are pleased to have completed the sale of the Advertising Intelligence business to Nielsen after a protracted process in 2018. We look forward to continuing to drive growth globally in our core consulting business in Media, Analytics and Tech. The group's management team is now focussed on seizing the significant market opportunities as well as on aligning our business following the divestiture," said Chief Executive Officer Michael Karg.
In the short term, Ebiquity said its cost base will reflect the need to fulfil contractual obligations to Neilsen, providing support services for its recently disposed unit.
As a result, Ebiquity said its profitability for its continuing consultancy business in the current year will "remain at a similar level" to 2018.
Ebiquity's net debt decreased in the period to about GBP8 million from GBP28 million, reflecting the proceeds from the sale of its Advertising Intelligence unit.
The company expects to release its 2018 results on March 25.
