StockMarketWire.com - Outdoor advertising company Ocean Outdoor swung to a full-year loss after rising revenue was offset by acquisitions costs and finance expenses.

Pre-tax losses for the year through December amounted to £4.7m, compared to a profit of £6.9m on-year.

Revenue rose 14% to £141.3m on a proforma basis, while adjusted earnings before interest, tax, depreciation and amortistation rose 9% to £33.2m on a proforma basis.

Ocean Outdoor said its revenue in the first quarter of 2020 had slipped 4% to £27.4m.

The company said it had a 'strong' balance sheet and liquidity', with a cash position as at 28 May of £32m and liquidity of about £67m.

It added that it had cut all discretionary spend, reduced employee working hours and, where necessary, furloughed staff.

At 8:08am: [LON:OOUT] Ocean Outdoor Limited Ord Npv Di share price was -0.13 cents at $6.70



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