- Marketing and media consultancy Ebiquity reported that losses doubled for the year on lower-than-expected revenue as the Covid-19 pandemic slowed economic activity and reduced marketing spend.

In an effort to save cash, the company said it would not be proposing the payment of a dividend in respect of 2019.

For the 12 months ended 31 December 2019, pre-tax losses widened to £5.1m from £2.5m on-year as revenue fell 0.6% to £68.7m.

Revenue performance was not as strong as anticipated earlier in the year as the reduction in economic activity and marketing spend caused by Covid-19 affected its business as some clients and sectors reduced their service needs, the company said.

'In the current year, the Covid-19 pandemic is having an adverse impact on our clients and our own business although this varies between and within sectors and geographies. Ebiquity's performance in 2020 will depend in part on the overall health of the global economy and advertising markets whose outlook remains highly uncertain,' it added.

At 9:58am: [LON:EBQ] Ebiquity PLC share price was -2p at 28.5p

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