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Ocean Outdoor to post annual loss as revenue slumps 38%
StockMarketWire.com
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Outdoor advertising company Ocean Outdoor said it would post a full-year loss after its revenue slumped amid the pandemic.
Adjusted operating earnings for the year through December were expected at £0.4 million, down from £33.0 million year-on-year, as revenue dropped 38% to £86.0 million, the company said in a trading update.
Ocean Outdoor had slashed overheads, excluding depreciation and non-recurring items, by 15% to £25.9 million.
'With further lockdown measures in place since the start of 2021, it is appropriate to continue to withhold guidance until there is greater visibility,' the company said.
'However, Ocean remains in a strong financial position and has continued to invest to position the business for recovery.'
'The board believes that it is now strategically better placed to capitalise on advertising demands once restrictions are fully lifted and audiences return to Ocean's locations, and outdoor advertising spend begins to recover.'
At 10:05am: (LON:OOUT) Ocean Outdoor Limited Ord Npv Di share price was 0p at 6.18p
Story provided by StockMarketWire.com
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