Ooh!Media has reported an 18% lift in revenue for the first half of the year and says half of its revenue now comes from digital.
The results, revealed today, also show that the failed merger between Ooh! And APN Outdoor cost Ooh $2 million in costs.
Despite the fact the business is in good shape, reporting revenue of $173 million for the six months to 30 June; of that, $90.2m was from digital - a 38% increase over the previous year.
Net profit after tax for the period increased 18% to $7.1m. Earnings per share also increased 32%.
Its retail business delivered the strongest growth growing 23.2%.
Ooh!Media says it now has more than 8000 digital screens and is piloting data-driven campaigns due to its partnership with Quantium.
It says it has “gained valuable CBD and millennial audiences” thanks to its acquisitions of ECN and Junkee Media, although revenue growth from ECN is slower than expected. It has also expanded its capabilities over the period thanks to acquisitions in the video and content space.
Ooh! is poised to announce a further content partnership later this week.
The results highlight that outdoor media is outperforming all other media channels, citing the 8.5% lift according to SMI data in June, compared with a 1.6% fall across total industry spend.
Ooh!Media CEO Brendon Cook said: “Ooh!’s strong performance reflects both the sector’s strength and further market share gains by Ooh! in its key product categories. We offer advertisers a portfolio of products whose complementarity and diversity enables us to deliver strong group revenue and profit growth.
“We are executing our end-to-end digital strategy, investing to maintain our market leadership position, and continuing to deliver innovative and effective solutions for advertisers. We will also continue to explore opportunities to further strengthen and develop our new media strategy and enhance shareholder value through organic growth and acquisitions.”
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