Ebiquity PLC on Tuesday said the year has started ‘satisfactorily’, after booking higher revenue in 2023.

The London-based media and marketing consultancy issued a trading statement for 2023, ahead of its full year results which it expects to announce in the second half of April.

For 2023, Ebiquity expects revenue to have grown by 7% to £80.2 million from £75.1 million a year earlier.

Ebiquity also expects adjusted earnings before interest and tax to have increased by 31% to £12.0 million fromm £9.2 million. It said that this reflects ‘the impact of cost management and a slightly higher margin business mix.’

The company said that 2024 has started ‘satisfactorily.’

‘While clients have continued to seek our services as they endeavour to navigate the current media market challenges and maximise returns from their investments, supported by our specialist expertise and global service offering, we expect the quantum of client spend to remain slightly more subdued until more consumer confidence returns,’ Ebiquity noted.

However, the company continues to expect to make profitable progress across the year.

Chief Executive Nick Waters said: ‘The group continues to perform well against market and macroeconomic headwinds. Significant investment has been made in our transformation during the year and it is encouraging to see the benefits of this starting to take effect in improved operational efficiency.

‘This, and the positive impact on our business mix of an increasing contribution from the higher margin Digital Media Solutions business, has led to significantly improved profitability.’

Shares in Ebiquity were down 2.4% at 36.12 pence each in London on Tuesday around midday.

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