- Outdoor advertising group Ocean Outdoor said it had initiated a strategy review.

The company didn't specifically state that it had put itself up for sale, though it did say that it would evaluate 'potential strategic and financial alternatives' to maximise shareholder value.

'The board and management believe that Ocean is undervalued and that there is meaningful upside potential from the current share price, which has continued to face technical trading challenges unrelated to Ocean's strong business fundamentals and intrinsic value,' it said.

Ocean Outdoor also issued guidance for 2021, forecasting revenue to rise 33-39% year-on-year to between £115 million and £120 million.

Adjusted earnings before interest, tax, depreciation and amortisation were expected to exceed £16 million.

'Ocean remains very well placed to take advantage of the post pandemic recovery continuing into 2022 with revenues and EBITDA on track to exceed 2019 levels,' the company said.

'The board and management team welcome input from all shareholders throughout the strategic and financial review process.'

'There can be no assurance that the review process will result in any transaction, or any assurance as to its outcome or timing.'

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