Ooh Media weathers gloomy advertising season
Ooh Media has become the latest media outlet to weather a gloomy advertising season in Australia, citing a “significantly” softened out-of-home (OOH) market in October.
The ASX-listed company posted Q3 revenue of $689 million–$694 million, up 7% year-on-year.
However, it said the weakening advertising market last month weighed on both OOH activity and its overall business.
Ooh Media said the slump follows “successive quarters of strong growth” in the OOH sector, echoing recent comments from Seven’s AGM, which reported a 12–13% fall in TV advertising during the October period.
The company is also facing challenges in New Zealand after losing its contract with Auckland Transport, which it said has “significantly impacted revenues.”
Ooh Media is now restructuring its New Zealand operations, with a focus on disciplined cost management and execution.
It expects group EBITDA for the current quarter to come in between $139 million and $142 million.
The company’s share price had dropped 6% as of 11am.
