Ooh Media reports positive rebound in Q3 and Q4 tracking well

Out Of Home (OOH) audiences are continuing to recover in the Australian road, retail and street furniture formats according to Ooh Media.

The OOH operator reports that in Australia, road and retail OOH audience volumes were tracking at 87% of the 2019 levels in late November, up from a low of approximately 50% in mid-April 2020 compared to the prior corresponding period. New Zealand is now at or above FY19 audience volumes. However, airport, rail and office audience environments continue to be impacted in Q4.

Overall, Ooh Media’s Q3 revenues were approximately 43% behind the prior corresponding period in aggregate, however November and December are continuing to demonstrate this rebound trend. Australian road, retail, street furniture and New Zealand revenues declined by circa 31% versus the previous corresponding period. The more heavily impacted formats of airport, rail and office declined by approximately 86% versus the prior corresponding period.

Ooh and Mazda’s BT-50 campaign in November

Q4 is showing to be better with Australian road, retail, street furniture and New Zealand revenues, expected to represent an approximate 11% to 18% decline compared to Q4 in 2019, which saw share gains in road and street furniture.

Ooh Media expects a full year revenue range of between $420 million to $430 million, depending on how much volume of revenue it continues to write into the last two weeks of December. It also expects net debt at 31 December 2020 to be between $120 million and $130 million.

The company has signed a facility agreement to refinance its debt facilities. The key terms of the refinance facility equates to $350 million until December 2023.

As advised by Ooh Media in March, the board has temporarily suspended dividends and will revisit this decision in future periods based on the prevailing market conditions and with the consent of the company’s lenders.

Ooh Media CEO Brendon Cook, said: “Ooh is well positioned to leverage the ongoing recovery in audience growth and advertiser sentiment which is becoming increasingly evident. While OOH was clearly the most impacted media during the COVID-19 period from March to September, it is rebounding strongly. Our strategy remains focused on capitalising on the positive key structural drivers of growth in OOH and leveraging our diverse product portfolio, backed by data, to deliver results for advertisers.”


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