- oOh!media full year revenue up 1% to $649.6 million.
- Underlying net profit after tax down 23% to $37.9 million. Statutory profit down 54% to $13.45 million.
- Fully franked final dividend of 7.5 cents a share, steady on last year.
Outdoor media group Oh!media posted a lift in full year revenue but profit dropped in a challenging market.
CEO Brendon Cook says the media market was challenging but the company delivered revenue growth in line with the broader out of home (OOH).
“In a tough year for media, the overall market declined by an estimated 5%. However, OOH continued to out-perform the broader market and grew by 1% in Australia," he says.
“Following the difficult second and third quarters, we delivered a stronger performance and recovered share in the fourth quarter to deliver revenue growth in line with the OOH market and earnings within our guidance range.
“We continued to successfully integrate Commute into the wider business. Commute revenue grew ahead of the OOH market and we delivered our target of $16m in run rate synergies for the year.
“Commute is now our largest division by revenue and its strong performance in FY19 demonstrates its significant contribution to enhancing our diversified asset portfolio and supporting our acquisition business case.
“We remained disciplined on operating and capital expenditure to ensure the Company is appropriately positioned to manage through the short term challenging environment while continuing our investment in people, data and systems to deliver sustainable revenue and earnings growth over the medium to longer term.
The full year numbers:
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