Shares in the company behind major outdoor advertising spaces such as the iconic screen at Piccadilly Circus started trading on the London Stock Exchange today.
Ocean Outdoor, one of the UK’s largest out-of-home advertising firms, relisted this morning after a lengthy takeover process.
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The company, which manages major outdoor advertising venues including Piccadilly Lights, Westfield and the BFI Imax, was bought for £200m in March last year by acquisition vehicle Ocelot Partners.
Shares in Ocelot were suspended following the takeover and subsequent renaming to Ocean Outdoor.
The company also acquired rival Forrest media last year in a sign of further consolidation in the out-of-home advertising sector.
Chief executive Tim Bleakley said: “The team is excited to have completed this process and to now be fully focused on the future. We believe that our quoted status provides an ideal platform from which to accelerate our growth ambitions.
“The enlarged group will deliver a compelling and impactful network of national urban audiences for advertisers. With a strong pipeline of new locations set to launch in the near term, we are positive on the outlook for 2019.”
Shares fell almost seven per cent in early trading, but are expected to stabilise over the coming weeks following the company’s long absence from the stock market.
Ocean Outdoor, which reported pre-tax profits of £9.8m in the year to the the end of December 2017, said it will consider further acquisitions as part of its growth strategy.