Earnings triple, net loss improves

AUCKLAND, Monday: Strong revenue recovery and margin expansion with EBITDA more than tripling to NZ$ 33.3m, oOh!media Limited (ASX:OML) has announced its financial results for the half year ended 30 June 2021.

CEO Cathy O’Connor said: “oOh! successfully leveraged the continuing recovery in out-of-home audiences during the period to deliver a 23% lift in revenue to AUD$ 251.6 million compared to the prior corresponding period.

“oOh! continues to implement its strategy with a clear focus on its core assets, continued digitisation of core sites and audience-focused selling.

“While Covid-19 and associated periodic lockdowns continue to cause near term uncertainty, oOh! remains in a unique position to leverage audiences through the scale and mix of our assets and continue revenue recovery as market conditions improve.”

“oOh! employs 800 people across Australia & New Zealand.”

O’Connor provided this overview …

• Revenue up 23% to $ A251.6m – Strong revenue recovery across key formats in Australia (road, retail and street furniture) and NZ. Road and NZ revenues performed ahead of 1H19 (pre-Covid-19)
• oOh! has the #1 market position in both the Australian and NZ markets
• Gross margin of 42.5%, (up 8.8 points) demonstrating strong recovery.
• Underlying EBITDA up 209% to $ 33.3m with margin expansion leveraging revenue uplift
• Continued negotiations with property partners delivers net rent abatements of $ A19m 1H21
• Underlying NPATA of $ A2.4m compared to loss of $ A16.9m in prior corresponding period
• Financial position strengthened further – gearing ratio down to 1.1 times (from 1.8 times) and net debt reduced by 16% compared to 31 December 2020
• Reported net loss after tax of $ A9.3m (post AASB16) compared to a loss of $ A28.0m in the prior corresponding period.

Read the report in full here

About oOh!media
oOh!media has an AUNZ network of more than 37,000 digital and static asset locations includes roadsides, retail centres, airports, train stations, bus stops, office towers, cafes, bars and universities. Listed on the ASX, oOh! employs around 800 people across Australia and New Zealand.

• www.oohmedianz.com