Ebiquity's (L:EBQ) results for the half year to 31 October 2015 (HY Oct 2015) again show good progress. Higher operating margin after lower central costs (offset by a higher tax charge resulting from lower available tax losses) has led to underlying diluted EPS for the six months, increasing by 13% to a reported 3.4p and by 23% to 3.7p on a constant currency basis (HY Oct 2014: 3.0p). Management says that continuing demand for data analytics and performance measurement is driving strong like-for-like growth in both its Media Value Measurement (MVM) and its Marketing Performance Optimization (MPO) segments at high margins, while the Market Intelligent (MI) segment is beginning to show signs of recovery in some markets. If sustained, sterling’s weakness over the past month could reverse the recent currency headwinds to positive and provide added comfort to our maintained FY16 estimate.
HY Oct 2015 results show good progress
The group’s newest segment, MPO, continued to record significant momentum, while MVM saw an increase in client engagements as a result of a large number of media agency reviews. This has led to HY Oct 2015 results showing revenue ahead of the comparative period in 2014, up 4.6% on constant currency (CC) and up 1.9% on a reported basis. Underlying operating profit before central costs rose 6.3% CC and 1.7% reported. After lower central costs, group operating margin increased to 13.1% CC and 12.5% reported (HY Oct 2014: 11.9%).
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