oOh!media posted a 23% lift in revenue to $251.6 million for the half year to June.
The outdoor media company reports strong revenue recovery across key formats in Australia (Road,Retail and Street Furniture) and New Zealand. Road and New Zealand revenues performed ahead of pre COVID-19 levels.
oOh! says advertisers were "less cautious" and returned quickly following the end of lockdowns.
Underlying net profit of $2.4 million compared to loss of $16.9 million in the same six months in 2020.
“We have seen strong audience growth post lockdowns which has led to a significant turnaround in revenue for the half," says 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% of 2019 levels with revenue in Road performing particularly strongly at 116% of the first half of 2019. New Zealand also performed at or slightly above 2019 levels.
“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.”
Revenue for the September quarter is pacing 38% higher than the same period in 2020 and 74% ahead of the same three months in 2019.
The company says: "Forward visibility remains uncertain given the ongoing effects of COVID-19 lockdowns and associated movement restrictions, however we expect that when the current lockdowns end there will be a strong recovery in audiences and associated revenues as has been the case previously."
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