Ooh Media reports net profit loss of $27.5m, says OOH was ‘impacted disproportionately by the COVID-19 restrictions’
Ooh Media has reported a net profit after tax (NPAT) loss of $27.5m for the half year to June 30 and an underlying net profit after tax and amortization (NPATA) loss of $16.9m, down from an $18.2m profit over the same period last year.
Revenue fell 33% to $205.0m for the period and earnings before interest, tax, depreciation and amortization (EBITDA) dropped to $10.8m from $56.0m.
Ooh Media’s P&L for H1 2020 [click to enlarge]
What are they doing?
“In response, our immediate focus was to strengthen our balance sheet, reduce our fixed cost base and optimise our organisational structure to address these challenges head on.”
Sacking staff isn’t a plan.
Sadly, media vendor staff seem highly replaceable these days especially given the number of redundancies across the industry.
So it makes sense to reduce staff overheads even if I was a casualty myself.
The fact that their share price went up almost 20% yesterday after reporting this, show’s that it is a plan. Unfortunately
I love an optimised balance sheet!
Thank you for sharing. Unfortunately, we will see similar results for more marketing companies this reporting season