Wednesday 15 May 2019 12:26 pm

Ocean Outdoor revenue jumps after string of acquisitions

Outdoor advertising firm Ocean Outdoor has posted a double-digit rise in revenue for the first quarter, boosted by recent acquisitions.

Read more: Ocean Outdoor profits rise amid expansion plan

The London-listed company reported a 14 per cent rise in revenue to £18.6m in the first three months of the year, as it ploughed on with an aggressive expansion strategy.

The strong growth was driven by the acquisition of Dutch out-of-home advertising firms Ngage Media and Interbest, which Ocean snapped up in a deal worth €51m (£45m).

Ocean, which manages major public advertising spaces such as Piccadilly Circus and Westfield, also said it has secured a long-term deal to develop new digital advertising locations in Glasgow.

“The group has had an encouraging start to the year, driven by our focus on delivering a customer and audience friendly experience,” said chief executive Tim Bleakley.

“The continued investment in our digital network has also resulted in more opportunities for advertisers to reach light TV and mobile audiences via trusted, curated spaces.”

Shares in Ocean Outdoor, which relisted on the London Stock Exchange in January, rose just under one per cent following the trading update.

Ocean said it remains cautiously optimistic about its medium-term prospects, as economic and political uncertainty continues to weigh on the advertising industry.

Read more: Ocean Outdoor snaps up Dutch ad agencies for €51m

But the company maintained its guidance of high single-digit revenue growth for the full year.