Ocean Outdoor predicts ‘high single digital growth’ following Forrest Media acquisition

Ocean Outdoor expects to achieve high single digital growth

Ocean Outdoor has said that it expects to report ‘high single digit’ growth for its full results next year.

The digital out of home (DOOH) media company, which among other activities completed the acquisition of Forrest Media in Scotland as well as Ocelot Partners this year, revealed gross profit growth of 8.4% to £8.8m within its half year update.

The figures, reporting up to 30 June, also saw billing remain ‘steady’ at £31.9m, while revenue rose by 1.8% to £22.5m, with digital billings also making up more revenue that ever at 93% of the total.

During the first half of 2018, Ocean sealed the £200m acquisition of Topco Limited and the £32m buyout of Forrest Media that will see it grow its UK footprint by 77 locations, including across Glasgow and Edinburgh.

It also launched three new large format screens at Westfield London and the first of its ‘Two Towers’ structures in Manchester.

Tim Bleakley, chief executive of Ocean Outdoor, said: "It has been a transformational period for Ocean following the Ocelot transaction and the acquisition of Forrest, which has significantly increased our UK DOOH footprint. At the same time the business has continued to perform well, with site numbers expanded and our new products creating highly immersive brand experiences.

"With the group's stock market readmission expected to take place as soon as reasonably practicable, we are excited about the future and are on track to meet our full year targets."

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