8 Apr 2020 11:21
08 April 2020
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Change of Full Year Results Announcement Date
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the Netherlands, the Nordics and Germany, announces that, in accordance with the temporary relief measures issued by the Financial Conduct Authority ("FCA") and Financial Reporting Council ("FRC"), it has changed the reporting date of its 2019 Full Year Results to 1 June 2020. The Company had previously indicated its intention to publish on 30 April 2020.
Ocean announced its unaudited revenue and EBITDA figures for 2019 on 18 February 2020 and in its COVID-19 update, released on 24 March 2020, the Company confirmed it has adequate liquidity to manage the impact from the pandemic. Whilst this remains the case, the Board feels it would be prudent, with the enhanced audit requirements, to defer the publication of the audited financial statements by one month.
Whilst the audit is substantially complete, the extra month will allow the Board to work with the Company's auditors on the disruption caused by the pandemic. It will also grant the Company more time to arrange a debt facility to provide extra liquidity should it become necessary.
The announcement from the FCA and FRC may be viewed here:
https://www.fca.org.uk/news/statements/delaying-annual-company-accounts-coronavirus
For further information please contact:
Ocean Outdoor Tim Bleakley, CEO Susann Jerry, Head of Corporate Communications
| 020 7292 6161 |
Yellow Jersey PR Charles Goodwin Georgia Colkin Joe Burgess | 07747 788 221 |
About Ocean Outdoor
Ocean Outdoor operates some of the most prestigious digital out-of-home (DOOH) locations in the UK, Northern and Continental Europe.
The Ocean portfolio features the UK's most iconic DOOH locations including the BFI IMAX; the Landsec Piccadilly Lights and a significant presence in the top 12 UK cities. Ocean's portfolio of high-profile landlords and partners includes Birmingham, Manchester, Glasgow and Southampton City Councils, Landsec, Unibail-Rodamco-Westfield, the BFI and intu.
In the UK, a continued focus on Ocean's Digital Cities for Digital Citizens philosophy has significantly augmented the Group's position as an operator of high quality DOOH assets. Ocean continues to deliver good organic development through new City tender wins, the rollout of new locations in Scotland, London, the West Midlands and Manchester and significant screen investment.
Strategic acquisitions that complement the existing DOOH portfolio remain a strategic pillar of the growth programme. This continued with three Dutch acquisitions in spring 2019, giving the company a significant share of the Netherlands market where it has become a major DOOH player. These subsidiaries have since been rebranded as Ocean Netherlands.
In September 2019, Ocean acquired the assets of Visual Art, a Sweden based independent, pure-play DOOH media and tech group which operates in three Nordic countries (Sweden, Norway, Denmark) and key cities in Germany. This transaction expands Ocean's portfolio across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in addition to holding the exclusive external rights to two of the largest premium urban shopping malls in Europe: Westfield London and Westfield Stratford in the UK.
In February 2020, Ocean closed the acquisition of AdCityMedia, a Sweden-based premium out-of-home and digital screen tech operator focused on large format digital and high-end city centre locations across Sweden, Norway, Denmark and Finland. The combined entities of Visual Art and AdCityMedia, referred to as Ocean Nordics, will create the leading DOOH operator in the region.