Ocean Outdoor earnings rise as acquisitions boost sales
Source - SMW
Digital out-of-home advertising group Ocean Outdoor said it expected post 4.6% growth in annual underlying earnings on the back of higher sales.
Ebitda for the year through December on a proforma basis was expected to reach £19.9m, following 15% growth in revenue to £62.2m assisted by acquisitions.
'The strong trading performance the group saw in the third quarter continued through the fourth quarter,' Ocean Outdoor said.
However, the company also warned that it higher rent expenses in Scotland as it invested in the digitisation of the acquired Forrest estate, and site leases were renewed for 15 years.
'We expect these investments to contribute to group growth and profitability from 2019,' it added.