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Ocean Outdoor (LON: OOUT) operates some of the most prestigious digital out-of-home (DOOH) locations in the UK, Northern and Continental Europe such as the BFI IMAX; the Landsec Piccadilly Lights and a significant presence in the top 12 UK cities. Ocean’s portfolio of high-profile landlords and partners includes Birmingham, Manchester, Glasgow and Southampton City Councils, Landsec, Unibail-Rodamco-Westfield, the BFI and intu.

Ocean has enjoyed revenue growth through a combination of organic growth, strategic acquisitions and investment in its technology.  Ocean continues to deliver good organic development through new City tender wins, the rollout of new locations in Scotland, London, the West Midlands and Manchester and significant screen investment.

Recent acquisitions have included three Dutch additions to the group in spring 2019, giving the company a significant share of the Netherlands market where it has become a major DOOH player. These subsidiaries have since been rebranded as Ocean Netherlands.

In September 2019, Ocean acquired the assets of Visual Art, a Sweden based independent, pure-play DOOH media and tech group which operates in three Nordic countries (Sweden, Norway, Denmark) and key cities in Germany. This transaction expands Ocean’s portfolio across 23 Unibail-Rodamco-Westfield shopping malls in Europe, in addition to holding the exclusive external rights to two of the largest premium urban shopping malls in Europe: Westfield London and Westfield Stratford in the UK.

In February 2020, Ocean closed the acquisition of AdCityMedia, a Sweden-based premium out-of-home and digital screen tech operator focused on large format digital and high-end city centre locations across Sweden, Norway, Denmark and Finland. The combined entities of Visual Art and AdCityMedia, referred to as Ocean Nordics, will create the leading DOOH operator in the region.


  • Tom Goddard (Co-Chairman) – Ex CEO of CBS Outdoor’s International division, Viacom, Metro Advertising and Maiden Outdoor. President of FEPE International, the global trade association for OOH operators.
  • Aryeh B. Bourkoff (Co-Chairman) – Formerly NED of Ocean since the formation of Ocelot (the vehicle that acquired Ocean) in 2017, in which LionTree was a founder. Mr. Bourkoff is the Founder of LionTree LLC.
  • Tim Bleakley (CEO)  – CEO since 2010. Specialises in media brand building and turnarounds. Steered Ocean through three phases of private equity investment and a full LSE listing via its investment partner, Ocelot.  Previously held leadership roles at ITV, talkSPORT, Emap Advertising, CBS and Viacom Outdoor.
  • NED’s – Robert D. Marcus, Andrew Barron, Sangeeta Desai, Martin HP Söderström


P&L31 Dec 2021
31 Dec 2020
(Cost of Sales)(82,319)(63,724)
Gross Profit42,07922,447
Profit/ (Loss) before tax

P&L31 Dec 2021
31 Dec 2020
Cash & cash equivalents
Total Assets512,621529,914
(Total liabilities)
Net assets

Peer Group

  • Brave Bison (LON:BBSN): Social video company
  • M & C Saatchi (LON:SAA): Global marketing firm
  • Yougov (LON: YOU): Research and analytics group
  • JC Decaux (Euronext: DEC): Global outdoor marketing business

Major Shareholders

  • Anchorage Capital Group – 12.36%
  • Senator Investment Group – 11.52%
  • Permian Investment Partners – 6.96%
  • Merian Global Investors (UK) – 5.84%
  • Sycamore Asset Management – 5.42%
  • Bufo Limited – 5.03%


  • Aryeh Bourkoff – 3.12%
  • Andrew Barron – 1.02%
  • Tim Bleakley – 0.59%
  • Robert Marcus – 0.43%

Macro Indicators

PWC : “UK ‘Out of Home’ advertising revenue in 2019: £1.3bn (2018: £1.21bn) – Digital ‘Out of Home’ expenditure accounted for 53% of this (2018:50%)

Media Coverage

City AM (Apr 2020): Ocean Outdoor launches £10m media fund for virus-hit firm

Advertising group Ocean Outdoor has launched a £10m fund offering free ad space to the retailers and small businesses hardest hit by the coronavirus crisis.

The fund will give businesses and brands access to advertising space on the company’s network of screens in 12 UK cities.

City AM (Feb 2020): Ocean Outdoor increases revenue amid European expansion

Ocean Outdoor’s acquisition strategy and expansion into six new countries last year has paid off as it posted a double-digit rise in revenue.

Broker Coverage

Numis (House broker – June 2020)

“FY results consistent with the trading update in February, underlying revenues up a strong +14%. Q1 revenues down 4% as the pandemic hit, with early signs of some recovery starting to come through in late June into Q3. Recently signed finance facilities provide £67m of Group liquidity, more than enough flexibility to see the group through current unprecedented trading issues. The out-of-home market continues to outperform traditional media and Ocean is well-placed to continue taking market share and drive long term growth. Whilst COVID-19 presents a major challenge, management believe that circumstances have also highlighted the importance and impact of DOOH as a medium. As public restrictions are eased, Ocean will be ready to take the lead by inspiring people to get back out there and rebuild.”

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