Ooh!Media today reported a “significant” revenue rebound for the fourth quarter as outdoor audiences return following easing of coronavirus restrictions.
The company is expecting revenue for the financial year to exceed $420 million, well down on 2019's $649.6 million.
In a trading update this morning, the out-of-home media company said road and retail outdoor audience volumes in November were tracking at 87% of their 2019 levels, up from about 50% in mid-April this year.
As a result of the audience recovery, the business is expecting full year revenue of between $420 million to$430 million, depending on the volume of revenue oOh!Media continues to write into the last two weeks of December.
Outgoing CEO Brendon Cook says oOh!Media is well positioned to leverage the ongoing recovery in audience growth and advertiser sentiment.
“While Out of Home was clearly the most impacted media during the COVID-19 period from March to September, it is rebounding strongly,” Cook says.
“Our strategy remains focused on capitalising on the positive key structural drivers of growth in Out of Home and leveraging our diverse product portfolio, backed by data, to deliver results for advertisers.
“We are proud of the role we have played during COVID-19, with our assets used to convey public health messaging across the country, helping keep Australians informed. I would also like to thank employees and other key stakeholders – our shareholders, banks, commercial partners and various governments – for their support during a very challenging Q2 and Q3.”
oOh!Media says it is eligible for the JobKeeper program up until January 3, and expects to receive about $11 million of JobKeeper subsidies from September to January.
The company expects net debt to be between $120 million and $130 million at the end of December.
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