Outdoor media specialist oOh!media reported revenue up 17% to $336.2 million in the half year to June, driven by strong performance in road, street furniture, rail and fly.
The company says current quarter revenue is pacing up 5% year-on-year, with August and September improving after a softer July.
Market share growth, excluding retail and New Zealand, is expected for the remainder of the calendar year as new assets from contracts announced in 2023 and 2024 come online.
Adjusted gross profit for the half year is up 13% to $140.6 million, with new contract wins contributing 20% of total revenue growth.
Underlying net profit after tax was up 46% to $26.5 million. The company recorded a statutory loss of $11.3 million on the back of a non-cash impairment charge of $30 million following the loss of the Auckland Transport contract.
“OOH remains the best performing channel in Australian media and, with our market leading portfolio of over 35,000 assets reaching 98% of metropolitan Australians weekly, we are well positioned to continue our strong momentum in a rising market,” said CEO Cathy O’Connor.
“The win of Transurban’s Melbourne and Brisbane motorway contracts during the period demonstrates our capability to secure and retain premium assets. It has added 42 premium motorway sites to our network, further cementing our market leadership position in all five capital cities.”
The company has increased its interim dividend by 29% to 2.25 cents per share.
oOH!’s new CEO, James Taylor, is expected to start late 2025-early 2026.
Results by format:
Road: Revenue up 19% to $120.3 million, driven by large format digital including West Gate Freeway.
Street Furniture and Rail: Revenue up 19% to $108.0 million, supported by the continued rollout of Sydney Metro assets and Woollahra contract.
Retail: Revenue up 1% to $58.6 million, with strong New Zealand growth offset by weakness in Australia due to "a competitive market backdrop, with action currently being taken to address it".
Fly: Revenue up 43% to $31.8 million, reflecting airport terminal upgrades and continued strengthening advertiser interest.
City & Youth: Revenue down 3% to $9.4 million with advertiser interest impacted by a delay in the launch of MOVE 2.0.
Other: Grew by 27% and includes growth in both Cactus and early revenues from reo.
Half year to June 2025:
And revenue by format:
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