Ebiquity has released its audited results for the eight months to its new December year-end. Following this, management has presented relevant unaudited pro forma data for calendar years 2015 (CY15) and 2014 (CY14). This report focuses on this data and provides the basis for our calendar year estimates. CY15 saw solid revenue growth of 10.8% (7.9% on l-f-l 1 ), while underlying operating profit, PBT and diluted EPS all grew substantially, with EPS rising 63.4% to 10.8p (CY14: 6.6p), though this increase was magnified by a strong MVM Q115 versus an uncharacteristic slower start in Q114, which dampened the CY14 results. We maintain our CY16 estimate and initiate a CY17 estimate, which suggests 11.7p diluted EPS up 6.4% on our maintained CY16 11.0p estimate. The board is recommending a 0.4p final dividend for the reported eight-month period.
