Ocean Outdoor has announced the outdoor media company is exploring a potential sale.
In a trading update issued this morning, Ocean said the board and management believe the company is “undervalued” and that there is “meaningful upside potential from the current share price”.
The statement said Ocean is now emerging from the pandemic “in a position of strength” with net cash on its balance sheet and with a differentiated tech offering as a pure-play digital asset.
Ocean expects its full-year 2021 revenue to be between £115m-£120m, which would be 33%-39% year-on-year growth, with a number of months in the second half of 2021 “already exceeding 2019 levels”.
Tim Bleakley, Ocean’s CEO, told Mediatel News in September that the company had seen a “significant upturn” in revenues over the Summer, with the UK market recovery being much faster than that of Ocean’s other markets, such as the Netherlands, the Nordics and Germany.
Over the first six months of 2021, Ocean was appointed outdoor media partner for Edinburgh’s St James Quarter £1bn regeneration project and has signed an exclusive UK digital content deal with BT Sport to broadcast Champions League match clips in seven cities.
It is also rolling out DeepScreen, a tech product that creates the illusion of 3D images, across its large format full motion portfolio in all markets.
Ocean’s portfolio includes the Piccadilly Lights and the BFI IMAX (pictured, above) in London, while it also works closely with major landlords such as Landsec, Unibail-Rodamco-Westfield (URW), the BFI, and the Canary Wharf Group.
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