LBi reports excellent first half-year performance and good progress in strategy execution
Amsterdam: LBi International N.V. (NYSE Euronext: LBI), Europe’s largest independent marketing and technology agency, today reports its first half-year 2012 results for the period ended 30 June 2012.
- Revenue up 26.3% (21.6% at constant rates) to EUR 119.4 million reflecting continued demand for digital branding, social media and mobile offerings;
- Adjusted EBITDA increased 30.9% to EUR 19.9 million, reflecting solid underlying operational progress and margin improvement;
- Q2 2012 EBITDA at EUR 10.5 million with margin up at 17.1% (Q2 2011: 16.4%) due to improved performance in the USA;
- Net result of EUR 9.4 million in H1 2012 vs. EUR 8.0 million (excluding the benefit of one-off items) in 2011;
- Strong financial position with cash balance of EUR 37.2 million and net debt at EUR 9.1 million per end of June;
- Positive operating cash flow of EUR 2.5 million (H1 2011:–2.9) in line with seasonal pattern;
- Continued double digit organic growth in revenue and EBITDA expected for 2012.
Luke Taylor, CEO of LBi, commented: “Our results for the first half-year show that we continue to make good progress in executing our strategy in a challenging business environment.
Margins developed positively over the period and in Q2 we delivered EBITDA of EUR 10.5 million on revenues of EUR 61.4 million (17.1%). The 100 basis point improvement compared to Q2 2011 can principally be attributed to on-going efficiency gains in the USA where the benefits of last year’s management restructure and better cost control are starting to now flow through.
Revenue developed broadly in line with plan with out-performance in the UK, USA and Nordic markets offsetting some persistent hesitancy in the smaller European markets.
Global demand for our services remains healthy and we do not currently see any material evidence of softness in the top-line. We of course expect that conditions will remain challenging across Central and Southern Europe but we are now better balanced geographically and this will help us maintain positive momentum. Furthermore, the consistent acceleration in spend across earned media channels gives us some structural resilience to any downturn in sentiment.”
Download the full report:
LBi first half-year report 2012
Luke Taylor, CEO,
LBi International N.V.
+44 20 7063 6465
Huub Wezenberg, CFO
LBi International N.V.
+31 20 460 4500