DIGITAL advertising firm
The group said yesterday it had taken a series of steps to protect staff and shield itself "from a rapid deterioration in media and advertising spend".
The group said it has no material debt, a strong balance sheet with net cash of approximately £20m, but is in discussions with lenders to further bolster its liquidity position.
The firm said it is constantly monitoring its cash flow but the situation is too uncertain to comment on an outlook for the year.
However it added that "previously published market expectations are no longer applicable".
Last month the firm posted a 13.5 per cent increase in group revenue to £141.3m as its acquisition strategy and expansion came to fruition.
Ocean's
In a statement, the advertising firm said it expects to "bounce back quickly" once the peak passes.
(c) 2020 City A.M., source