TIDMOOUT
RNS Number : 2653D
Ocean Outdoor Limited
18 February 2020
18 February 2020
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Full Year Trading Update
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium
Digital Out-of-Home ("DOOH") advertising in the United Kingdom, the
Netherlands, the Nordics and Germany, today provides the market
with a trading update for the full year 2019.
Highlights:
-- Group revenue up 13.5% to GBP141.3 million on a proforma basis (2018: GBP124.5 million) 1
-- Adjusted EBITDA up 10.5% to GBP33.6 million on a proforma basis (2018: GBP30.4 million) 1
-- Ocean UK and Ocean NL revenues combined are up 14.3% to GBP98.3 million (2018: GBP86.0 million) and Adjusted
EBITDA up 12.2% to GBP28.0m million (2018: GBP25.0 million) 2
-- Acquisition of Dutch OOH companies Ngage Media and Interbest, for a combined cash consideration of GBP43 million.
Addition of Beyond Outdoor in May has now led to creation of Ocean Outdoor Netherlands
-- GBP56 million acquisition of the international media and tech group Visual Art ("Visual Art"), a Sweden based
digital media group operating 25,000 screens across 24 countries.
-- GBP25 million acquisition of Nasdaq First North listed AdCityMedia, a Sweden-based premium out-of-home and
digital screen tech operator
-- Successful extension of iconic Piccadilly Lights and BFI IMAX contracts
-- Exclusive long-term contracts secured with Southampton and Glasgow City councils to provide enhanced digital
roadside city centre large format screens
2019 was truly a transformational year for Ocean Outdoor. The
Company has executed on its acquisition strategy, taking Ocean into
six new countries (the Netherlands, Sweden, Denmark, Norway,
Finland and Germany) and creating one of the leading DOOH players
in Northern Europe. This expansion has led to a significant rise in
our revenues and earnings, with EBITDA increasing by 10.5% to
GBP33.6 million on a proforma basis.
The Board has been pleased with Ocean Outdoor Netherlands'
development since the collective integration of the three
businesses ( Ngage Media, Interbest and Beyond Outdoor), brought
together earlier in the year. In November 2019, Ocean Netherlands
agreed to acquire the digital advertising masts portfolio owned and
operated by Clear Channel Netherlands. The deal became effective on
1 January 2020 and has boosted Ocean Netherlands' roadside
presence, bringing the total number of city, retail and roadside
screens operated in the Netherlands to 283.
After completing the exciting acquisition of Visual Art in
September 2019, Ocean announced in November 2019 its GBP25 million
offer for AdCityMedia, a Sweden based independent, premium
Out-of-Home and digital screen tech operator focused on large
format digital and high-end city centre locations across Sweden,
Norway, Denmark and Finland. The offer was a success and closed
with 99.41% acceptances allowing the Group to commence the
integration. The combined entities, referred to as Ocean Nordics,
will create the leading DOOH operator in the region, as well as
creating commercial synergies and economies of scale which will
help to unlock value and enhance future growth and profitability.
The Visual Art business has performed slightly behind plan but the
Board is confident of the combination and for Ocean Nordics to
perform in-line with the rest of the Group in 2020.
Whilst Ocean has made excellent progress with its acquisition
strategy, the established UK business has continued to expand
organically, with major new developments that include city
contracts won for Glasgow and Southampton and the rollout of 128
roadside digital screens across Birmingham. In London, Ocean is
upgrading 40 out of home advertising screens across Canary Wharf,
London's global financial centre and luxury shopping and leisure
destination.
At the same time, Ocean's UK network has invested wider in its
broadcast led content strategy, hosting a series of world class
events through the course of the year, including Jaguar Land
Rover's sponsorship of the Wimbledon Tennis Championships, DS
Automobiles association with Formula E championship highlights and
a partnership with ITV to broadcast Rugby World Cup games. Ocean UK
concluded the year with an exclusive showing of the trailer for the
25(th) James Bond movie, No Time To Die, on Landsec's iconic
Piccadilly Lights - the first time any film trailer has be shown on
the world-famous digital screen.
Commenting on Ocean's performance, CEO Tim Bleakley said: "In
the last 12 months we completed five acquisitions and expanded our
presence to seven countries, entering key strategic markets and
creating a market leading DOOH offering in both the Netherlands and
Sweden, where we are focussed on successfully implementing our
Digital Cities for Digital Citizens philosophy. Our expanded
geographical presence allows us to build a combination of premium
digital assets and quality audience delivery networks across
northern Europe that will meet the needs of both customers and
advertisers.
"Whilst we remain focused on expanding our network, creativity
and innovation are also core to our growth and we continue to
invest in new and engaging ways of using full motion DOOH to bring
exclusives to audiences and a powerful broadcast platform for
brands to exploit. Our recent Neuroscience based study and YouGov
research has provided a greater, quantifiable understanding of the
significant impact of the use of innovative content on full motion
DOOH screens, underlining the value of our platform.
"As we progress into 2020 we are excited to work alongside the
team at AdCityMedia to fully integrate the latest addition into the
Ocean Group and continue to develop our business in the UK and the
rest of Europe."
(1) Pro-forma basis assumes Ocean Outdoor Limited and all
subsidiaries in the Group had been owned from 1 January 2018. These
figures include the Visual Art Media Sales business as well as Ad
City Media business. They exclude earnings from the Visual Art
Digital Signage joint venture. For comparative purposes, the
proforma figures are at constant currency using the average
exchange rates for 2018, excluding IFRS 16 accounting and no longer
add back listing costs, GBP892k (2018: GBP897k).
(2) These exclude the Nordic acquisitions and are the business
units on which 2019 revenue guidance was issued.
Date of 2019 Full Year Results:
Ocean Outdoor will announce its Full Year results for the 12
months ended 31 December 2019 on Thursday, 30 April 2020.
An analyst briefing will be held on 30 April 2020 at 09:30 BST
at Ocean's offices: Floor 6, 25 Argyll Street, London, W1F 7TS.
Please email ocean@yellowjerseypr.com to register attendance.
A conference call for investors will take place on 30 April 2020
at 13:00 BST / 08:00 ET. Dial-in details below:
UK Toll Free: 0808 109 0700
USA Toll Free: 1 866 966 5335
Standard International Access: +44 (0)20 3003 2666
Password: Ocean Outdoor
A copy of the results presentation will be made available within
the investor relations section of the Company website once the
results are announced.
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 020 3004
Joe Burgess 9512
About Ocean Outdoor
Ocean Outdoor operates some of the most prestigious digital
out-of-home (DOOH) locations in the UK, Northern and Continental
Europe.
The Ocean portfolio features the UK's most iconic DOOH locations
including the BFI IMAX; the Landsec Piccadilly Lights and a
significant presence in the top 12 UK cities. Ocean's portfolio of
high-profile landlords and partners includes Birmingham,
Manchester, Glasgow and Southampton City Councils, Landsec,
Unibail-Rodamco-Westfield, the BFI and intu.
In the UK, a continued focus on Ocean's Digital Cities for
Digital Citizens philosophy has significantly augmented the Group's
position as an operator of high quality DOOH assets. Ocean
continues to deliver good organic development through new City
tender wins, the rollout of new locations in Scotland, London, the
West Midlands and Manchester and significant screen investment.
Strategic acquisitions that complement the existing DOOH
portfolio remain a strategic pillar of the growth programme. This
continued with three Dutch acquisitions in spring 2019, giving the
company a significant share of the Netherlands market where it has
become a major DOOH player. These subsidiaries have since been
rebranded as Ocean Netherlands.
In September 2019, Ocean acquired the assets of Visual Art, a
Sweden based independent, pure-play DOOH media and tech group which
operates in three Nordic countries (Sweden, Norway, Denmark) and
key cities in Germany. This transaction expands Ocean's portfolio
across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in
addition to holding the exclusive external rights to two of the
largest premium urban shopping malls in Europe: Westfield London
and Westfield Stratford in the UK.
In February 2020, Ocean closed the acquisition of AdCityMedia, a
Sweden-based premium out-of-home and digital screen tech operator
focused on large format digital and high-end city centre locations
across Sweden, Norway, Denmark and Finland. The combined entities
of Visual Art and AdCityMedia, referred to as Ocean Nordics, will
create the leading DOOH operator in the region.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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