Covid year loss hits $35.7m for oOh! Media

One of the country’s two big outdoor media players oOh! Media lost $35.7m in the Covid-ravaged 2020, in contrast to a $52m profit the year before. 

However, the company said its final quarter results experienced a strong recovery in revenue across key formats in the final quarter of 2020, which has continued into 2021. In the fourth quarter its revenues were at 70 per cent of the prior comparative period, compared to 57 per cent in Q3.

New CEO Cathy O’Connor said, “The unprecedented restrictions on people movement and resulting audience decline impacted Out of Home more severely than other media segments.”

Revenue declined by 34 per cent to $426.5m. The company said its significant revenue recovery in Q4 was across key formats - road, retail, street furniture, and New Zealand. During the year oOh! cut some $120m in costs out of its business.

Its underlying EBITDA was $63.2m in CY20 compared to $139m in CY19. Its underlying NPATA loss of $8m compared to a $52.4m profit in CY19. Fourth quarter revenue in retail and NZ was more than 90 per cent of the prior corresponding quarter.

In its outlook for this year the company said revenue has recovered strongly in key formats and the first quarter is currently pacing at 80 per cent of the corresponding period in CY19. However, it says forward visibility “remains uncertain” given the ongoing effects of Covid-19 and movement restrictions, primarily in the fly, rail and office environments.