Ebiquity - Activity levels recovering

Ebiquity's pre-close trading update indicates recovery as expected in H220, from both a pick-up in demand from existing clients and a good performance in winning new business. The group therefore returned to profit in the second half, leaving it with a small adjusted operating loss for the full year, slightly below our earlier estimate of a small profit. The performance on net debt was better than our modelling, with the group ending the year with net debt of £7.7m (Edison estimate £8.8m). Ebiquity's share price has not kept pace with those of the UK-based agencies since our November Outlook report, exaggerating the rating differential.

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