The testing macroeconomic backdrop has not yet cut into marketing budgets, said Ebiquity chief Nick Waters.
Despite the ongoing conflict in Ukraine and inflationary pressures, Waters told City A.M. that advertising had remained “buoyant” in the first half of the year, with value for money and channel mixes becoming more important for companies.
The media investment firm said yesterday that revenue climbed 16 per cent to £37.2m during the last six months, while underlying operating profit swelled by 117 per cent to £5m.
Acquisitions in the USA and Europe during the period contributed revenue of £2.8m and underlying operating profit of £0.9m
Waters explained that although 2023 was likely to be more “cloudy,” the overarching message to marketeers was to keep spending money.
“Marketing budgets are investments to be protected, not costs to be cut,” adding how important flexibility within budgets would be as we head into a recession.