Mon, 15 Nov 2021 | BUSINESS SALE
The board and management of outdoor media firm Ocean Outdoor has announced that the company may be put up for sale. Making the announcement in a trading update this morning, the company stated that the board and management consider it to be “undervalued”.
The company says that it has emerged from the pandemic “in a position of strength with net cash on its balance sheet”, adding that it is “well positioned to benefit from the significant recovery in OOH (Out of Home) advertising that is under way”.
Ocean Outdoor listed on the UK stockmarket in January 2019, with its market value rising about 10 per cent to approximately £352 million since then. The company says that this is an undervaluation, citing “technical trading challenges” which it says are “unrelated to Ocean’s strong business fundamentals and intrinsic value”.
The company’s value has not increased as much as expected since its stock market listing, especially given its numerous acquisitions since 2019. Ocean Outdoor has grown to cover sites in over 350 cities across the UK, Germany, Netherlands, Norway, Denmark, Finland and Sweden.
Its sites include the BFI IMAX and Piccadilly Lights in London, whilst it also works with a range of companies including BT Sport, Canary Wharf Group and Landsec, among others. In this morning’s announcement, the company stated that it expects full-year revenue of between £115-120 million in 2021, which would represent year-on-year growth of 33-39 per cent.
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