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(Alliance News) - Marketing and media consultant Ebiquity PLC has swung to an interim loss, it said on Thursday, despite flat revenue in the period.
Ebiquity posted a pretax loss of GBP4.2 million in the six months to June, following a GBP2.2 million profit the year before. Revenue was flat at GBP35.3 million.
On an underlying basis, pretax profit was 0.1% lower at GBP2.9 million. The statutory loss came after a GBP5.9 million impairment.
The half was one of transition, the company said, following the sale of its AdIntel business in January. During the period a cost reduction programme was started, to save GBP1 million a year, and some "significant" client wins were made including Deliveroo, Facebook Inc, and Nike Inc.
Chief Executive Michael Karg commented: "Our first half results as expected reflect a transitional phase for Ebiquity as we become a more streamlined business following the sale of AdIntel. We have a clear focus on driving our higher margin consulting practices, optimising our cost base and strengthening the foundations to deliver future revenue growth.
"In addition our significantly reduced debt provides the financial flexibility to invest in our key practice areas and markets to deliver improved performance."
Looking ahead, Karg said the firm is confident on meeting 2019 expectations in term of profitability, and is also confident on performance in the long-term despite economic and political uncertainty in the UK.
Ebiquity shares were 1.8% lower on Thursday in London at 55.00 pence each.
By George Collard; georgecollard@alliancenews.com
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