oOh Media's (ASX:OML) full-year revenue falls 34%

Company News

by Melissa Darmawan

Outdoor media advertisers oOh!Media (ASX:OML) reports a 34 per cent fall in revenue to $426.5 million in the 12 months to December as audience numbers dropped due to the restrictions and lockdowns cause by the pandemic.

The company saw a 22 per cent fall in their first quarter revenue in Australia and a 6 per cent drop in New Zealand. This decline compares to an overall 24 per cent decline in the broader Out of Home sector as measured by the Outdoor Media Association. Though oOh Media are optimistic about the outlook stating that May is looking stronger particularly in the road format.

Market share was gained during the first quarter and preliminary April data indicates that oOh! has held share April year to date.

"oOh! remains well positioned to leverage the audience and revenue recovery already evident across our key formats” said CEO Cathy O’Connor.

The fall for the March quarter in Australia compares to an overall 24% decline in the broader out-of-home sector as measured by the Outdoor Media Association.

In aggregate they are performing about 95 per cent of the first quarter of both 2019 and 2020 and represented about 88 per cent of March quarter revenue.

The other more affected COVID formats of Fly, Office, Rail and Youth, about 25 per cent of revenue and are expected to recover over the financial year.

In closing, Ms O’Connor said “we are well placed to leverage the improvement in market conditions and audience growth with the most comprehensive network of assets across Australia/NZ and the most insightful data to help advertisers reach desired audiences”.

Shares in oOh!Media (ASX:OML) are trading 2.4 per cent lower at $1.625.