Billboards Are Back: Ooh Media’s Revenue Recovers
Ooh Media’s revenues are up, as retailers and consumer electronics companies return to the outdoor advertising sector after a particular bumpy 2020.
Out Of Home Media posted revenues of $251.6 million for the first half of 2021, up 23 per cent year-on-year. The company suffered a 22 per cent revenue drop in the March quarter, which makes the result even more impressive, and bodes well for the current half-year.
Ohh posted underlying EBITDA of $33.3 million, a stunning 209 per cent leap, with a $3.9 million net loss after tax a marked improvement on the $16.9 million loss reported in the first half of 2020. The company also reported a 16 per cent reduction in net debt.
The company also reports that revenue for the September quarter is currently 38 per cent higher than expected.
Apple, Amazon, LG, and Samsung have all launched major billboard campaigns in the recent months.
“We have seen strong audience growth post lockdowns which has led to a significant turnaround in revenue for the half, particularly in our key formats of Road, Retail and Street Furniture in Australia and New Zealand,” explains CEO Cathy O’Connor.
“That has also been a function of our strong suburban and regional network where we continue to provide unrivalled reach and frequency for advertisers.
“In Australia audience levels were consistent up to May 2021 before declining as a result of the Melbourne lockdown in June.
“Overall revenue has held consistently at 80 per cent of 2019 levels, with revenue in Road performing particularly strongly at 116 per cent of the first half of 2019.
“As conditions have become more fluid during the pandemic, we are seeing advertisers capitalising on the flexibility of digital out of home (DOOH). With the largest quality digital network across the region, Ooh is well-positioned to respond.”
Ooh Media has a current market capitalisation of $907.73 million, and trades at $1.51.
By Nathan Jolly