Executing the Growth Acceleration Plan

Ebiquity’s FY16 results reflect a continuation of trends seen at H116 and the early stages of the Growth Acceleration Plan. With additional services due to launch in FY17, we retain our forecasts for an acceleration of revenue growth in FY17 and introduce FY18 estimates. The transition to a more sustainable margin translates to a lower EPS figure overall but improves the quality of the earnings base and the sustainability of revenue growth. The c 12x P/E rating is unchallenging versus peers.