Ocean Outdoor Limited Change of Full Year Results Announcement Date (2252J)
April 08 2020 - 5:21AM
UK Regulatory
TIDMOOUT
RNS Number : 2252J
Ocean Outdoor Limited
08 April 2020
08 April 2020
Ocean Outdoor Limited
("Ocean" or the "Company" or the "Group")
Change of Full Year Results Announcement Date
Ocean Outdoor Limited (LSE: OOUT) , a leading operator of
premium Digital Out-of-Home ("DOOH") advertising in the United
Kingdom, the Netherlands, the Nordics and Germany, announces that,
in accordance with the temporary relief measures issued by the
Financial Conduct Authority ("FCA") and Financial Reporting Council
("FRC"), it has changed the reporting date of its 2019 Full Year
Results to 1 June 2020. The Company had previously indicated its
intention to publish on 30 April 2020.
Ocean announced its unaudited revenue and EBITDA figures for
2019 on 18 February 2020 and in its COVID-19 update, released on 24
March 2020, the Company confirmed it has adequate liquidity to
manage the impact from the pandemic. Whilst this remains the case,
the Board feels it would be prudent, with the enhanced audit
requirements, to defer the publication of the audited financial
statements by one month.
Whilst the audit is substantially complete, the extra month will
allow the Board to work with the Company's auditors on the
disruption caused by the pandemic. It will also grant the Company
more time to arrange a debt facility to provide extra liquidity
should it become necessary.
The announcement from the FCA and FRC may be viewed here:
https://www.fca.org.uk/news/statements/delaying-annual-company-accounts-coronavirus
For further information please contact:
Ocean Outdoor
Tim Bleakley, CEO 020 7292
Susann Jerry, Head of Corporate Communications 6161
Yellow Jersey PR
Charles Goodwin
Georgia Colkin 07747 788
Joe Burgess 221
About Ocean Outdoor
Ocean Outdoor operates some of the most prestigious digital
out-of-home (DOOH) locations in the UK, Northern and Continental
Europe.
The Ocean portfolio features the UK's most iconic DOOH locations
including the BFI IMAX; the Landsec Piccadilly Lights and a
significant presence in the top 12 UK cities. Ocean's portfolio of
high-profile landlords and partners includes Birmingham,
Manchester, Glasgow and Southampton City Councils, Landsec,
Unibail-Rodamco-Westfield, the BFI and intu.
In the UK, a continued focus on Ocean's Digital Cities for
Digital Citizens philosophy has significantly augmented the Group's
position as an operator of high quality DOOH assets. Ocean
continues to deliver good organic development through new City
tender wins, the rollout of new locations in Scotland, London, the
West Midlands and Manchester and significant screen investment.
Strategic acquisitions that complement the existing DOOH
portfolio remain a strategic pillar of the growth programme. This
continued with three Dutch acquisitions in spring 2019, giving the
company a significant share of the Netherlands market where it has
become a major DOOH player. These subsidiaries have since been
rebranded as Ocean Netherlands.
In September 2019, Ocean acquired the assets of Visual Art, a
Sweden based independent, pure-play DOOH media and tech group which
operates in three Nordic countries (Sweden, Norway, Denmark) and
key cities in Germany. This transaction expands Ocean's portfolio
across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in
addition to holding the exclusive external rights to two of the
largest premium urban shopping malls in Europe: Westfield London
and Westfield Stratford in the UK.
In February 2020, Ocean closed the acquisition of AdCityMedia, a
Sweden-based premium out-of-home and digital screen tech operator
focused on large format digital and high-end city centre locations
across Sweden, Norway, Denmark and Finland. The combined entities
of Visual Art and AdCityMedia, referred to as Ocean Nordics, will
create the leading DOOH operator in the region.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 08, 2020 06:21 ET (10:21 GMT)
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