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Ocean Outdoor books £184m pre-tax loss on writedown, lower sales
StockMarketWire.com
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Outdoor advertising group Ocean Outdoor booked a deeper annual loss after its revenue slumped and it wrote down the value of its assets, citing the pandemic.
Pre-tax losses for the year through December amounted to £184.3 million, compared to year-on-year losses of £6.2 million, and included a £133.6 million impairment charge.
Revenue dropped 17% to £86.2 million, while gross profit roughly halved to £22.5 million.
The company did not declare any dividends for the year.
'Throughout the period Ocean Outdoor has continued to invest in its platforms and products to prepare for the impending recovery,' chief executive Tim Bleakley said.
'With a strong balance sheet and growth opportunities in every area of our operations, our focus is now on the speed of that recovery as restrictions are lifted.'
'We have a strong underlying business, we are well set for the recovery and we are already engaged in the fight back.'
Story provided by StockMarketWire.com
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