TIDMOOUT
RNS Number : 0349Z
Ocean Outdoor Limited
15 May 2019
15 May 2019
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Trading Update and Glasgow Contract Win
Ocean Outdoor Limited, a leading operator of premium Digital
Out-of-Home ("DOOH") advertising in the United Kingdom and the
Netherlands, announces a trading update for Q1 2019. Ocean also
confirms today that it has been awarded a long-term contract with
City Property (Glasgow) Investments LLP, working in partnership
with Glasgow City Council, to redevelop and introduce new roadside
and city centre digital advertising screens.
Q1 2019 Highlights:
-- Group revenue up 14% to GBP18.6 million (Q1 2018: GBP16.3
million) including recent Dutch acquisitions on a pro-forma
basis(1)
-- Readmission to trading on the London Stock Exchange completed on 10 January 2019
-- Acquired Dutch Out-of-Home advertising companies Ngage Media and Interbest for a combined cash consideration of approximately EUR51 million
-- Exclusive long-term contract secured with Southampton City
Council to provide enhanced digital roadside city centre large
format screens
The Group continued to deliver on its strategy in the first
quarter, led by the acquisitions of Ngage Media and Interbest, two
of Holland's leading Out-of-Home advertising companies, for a
combined cash consideration of approximately EUR51 million. The
integration process is on track.
Ocean Scotland has performed well, assisted by the roll out of
the Group's roadside digital conversion programme. This included
the completion of four large format supersize digital screens.
Ocean's Brand Partnerships and Ocean Labs teams have performed
strongly, generating ground-breaking campaigns across key assets.
Highlights in the period included news bulletins broadcasted live
from 300m under the sea to Ocean's large format screens, showing
the impact of plastic pollution on the planet, and an immersive
green screen experience which toured Ocean's interactive screens
including Westfield London to promote the blockbuster film, How to
Train Your Dragon: The Hidden World.
The growth of Ocean's broadcast presence continued with live
streaming of the Cheltenham Gold Cup and Formula E, and live
coverage of Victoria Beckham's London Fashion Week show on
Landsec's world famous Piccadilly Lights.
The changing media landscape continues to illustrate the growing
prominence of the DOOH medium. According to new data from industry
body Route, digital screens are generating 36% more impacts in the
UK compared to 12 months ago. The 9,766 screens currently measured
by Route are reported to be seen by two-thirds of the adult GB
population each week (67%).
Ocean's own research, published in February this year, maps the
growing popularity of iconic screens as a powerful, safe and
trusted, curated medium. The study shows that Landsec's Piccadilly
Lights delivers 88% brand recall, reflecting the power of media
stature.
Glasgow City contract win
Ocean has been awarded long term agreements as media partner
with City Property (Glasgow) Investments LLP, working in
partnership with Glasgow City Council, to redevelop and introduce
new roadside and city centre digital advertising locations.
This is Ocean's second major council contract win of 2019
following its agreement with Southampton City Council, which was
announced earlier in the year. The Glasgow contract, which is for
selected premium locations, was awarded following a competitive
tender.
Ocean was successful in winning a significant number of the
locations offered, further cementing the company's position as the
leading Scottish player in super premium roadside and urban screens
powered by new and emerging responsive technology.
Commenting on Ocean's performance, CEO Tim Bleakley said: "The
Group has had an encouraging start to the year, driven by our focus
on delivering a customer and audience friendly experience. 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.
"Further investment in our national and regional commercial
sales teams, brand partnerships and Ocean Labs teams has delivered
some spectacular work as we continue to focus on consumer
engagement and the benefits of Digital Out Of Home to the
advertiser.
"The Glasgow contract is another major win for the Group and
allows us to progress our ambition of developing 'digital cities
for digital citizens'. This proposition will now be rolled out to
Scotland's biggest urban economy, creating commercial value for
Glasgow City Council and improving engagement with its
citizens.
"Whilst the macroeconomic backdrop remains uncertain, we
continue to be cautiously optimistic about our medium-term
prospects. We continue to maintain our guidance of high single
digit revenue growth for FY2019."
(1) Pro-forma basis assumes ownership of the Forrest business
and the Dutch businesses from 1 Jan 2018
For further information please contact:
Ocean Outdoor
Tim Bleakley, CEO 020 7292
Susann Jerry, Head of Corporate Communications 6161
Yellow Jersey PR
Charles Goodwin
Georgia Colkin 07747 788
Joe Burgess 221
About Ocean Outdoor
Ocean Outdoor operates some of the UK's most prestigious digital
outdoor locations, including the BFI London IMAX; Holland Park
Roundabout, which forms part of the Company's exclusive external
rights to two of the largest premium urban shopping malls in
Europe, Westfield London and Westfield Stratford; The Birmingham
Media Eyes above New Street Station, Birmingham; and digital
out-of-home (DOOH) assets across the 10 of the top key cities and
retail centres in the UK including Birmingham, Manchester,
Liverpool, Glasgow and Edinburgh. Ocean's portfolio of high profile
landlords and partners includes Birmingham, Southampton and
Manchester City Councils, Landsec, the BFI and intu.
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END
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