News blog
Ebiquity
- BY: Andrew Hore |
- POSTED: 29/01/2009 |
Ebiquity is starting to benefit from the restructuring of its business.
Ebiquity is the new name for Thomson Intermedia, the media monitoring and analytics business. Revenues grew from £8.4m to £8.59m in the six months to October 2008, while a loss of £1.22m was turned into a profit of £296,000. Strip out the costs of restructuring and other exceptionals and profits fell from £936,000 to £790,000. This profit is after investment in new products.
Analytics contributes two-thirds of revenues and this business has held up well. There has been some softening in the media monitoring business that makes up the platform division, where payments are made by clients annually. That makes it a good cash generator.
Net debt is £2.72m at the end of October 2008. There are £1m of unutilised bank facilities.
Ebiquty’s revenues still mainly come from UK but many clients are global businesses and Ebiquity is expanding internationally.
The second half is seasonally stronger because many contract renewals are in January. The weakening of sterling should give it a further boost.
Newslive 2.0, a new news monitoring product, has been launched. The full benefits won’t show through until the next financial year.
At 24p a share, Ebiquity is valued at £7.71m.
Edison forecasts an improvement in underlying profits from £1.77m to £2.13m in the year to April 2009. The shares are trading on five times forecast earnings.
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