oOh!media (ASX:OML) today reports that the deteriorating macroeconomic conditions and market uncertainty caused by COVID-19 has made forecasting full year revenue in the current environment difficult.
The Company’s performance in the first quarter is consistent with delivering the FY20 earnings guidance provided at the full year results on 24 February 2020.
In accordance with its continuous disclosure obligations, oOh! therefore advises that it has withdrawn FY20 earnings guidance for the time being.
Capital expenditure is being re-prioritised and will be materially below the bottom of the previous guidance range of $60-$70 million.
Shares in oOh!media (ASX:OML) closed 2.21 per cent lower at $1.55 on Friday.