oOh!media lifted revenue 7% to $633.9 million in the year to December, buoyed by a vigorous outdoor media market in Australia.
Profit was up almost 10% to $34.6 million.
oOh! remains "well positioned" to leverage sector structural growth and the company is focused on profitable market share.
Revenue growth was led by a 14% increase in oOh!’s road segment.
“We delivered a solid result which highlights the financial discipline and operational improvements that are positioning oOh! to capitalise on the continued growth of Out of Home which remains the fastest growing media segment,” said CEO Cathy O’Connor.
“The group is developing innovative new revenue streams while remaining disciplined on our approach to renewing existing contracts or winning new contracts.
"This is expected to strongly position oOh! to retain market leadership and build revenue in a rapidly evolving sector."
The company expects OOH will continue its structural growth, taking revenue share from other media sectors.
oOh! forecasts mid to high single digit revenue growth for the industry in the 2024 calendar year. Major advertising agencies have also indicated similar growth expectations for OOH in 2024, the company says.
The 2023 numbers:
And segments:
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.