oOh!media lifts June-half profit 36%

oOh!media lifts June-half profit 36%

Outdoor advertising company oOh!Media (ASX:OOH) raised its profit for the half-year ending in June 36% to a record $3.5 million.

The company, which specialises in providing road and retail advertising, also reported a 9% increase in revenue to $55.3 million, and 7% higher ebitda of $10.3 million.

Announcing the results, CEO Brendon Cook said the company had outperformed the rest of the out-of-home advertising sector.

He expressed confidence that the company would continue to grow into the second half, despite the current uncertain state of the economy.

“Out-of-home advertising is forecast to continue to be the fastest growing of all traditional media,” he said, “and... we believe we are well placed to continue to outstrip industry benchmarks.”

The company will pursue growth both organically and through acquisitions,” Cook added.

Net tangible assets also grew to $106 million, from $87 million at the end of 2010. But cash at bank and in hand fell to $715,000 from $6.25 million over the same period.

OOH shares stayed flat on Friday at $0.190.

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Tags advertisingfinancial resultsoOH!mediaBrendon Cook

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