oOh!Media says advertisers have moved their bookings to later in the year as isolation measures to protect against the pandemic reduce audiences.
The outdoor media specialist, which recently raised $167 million in equity capital to bolster its reserves during the coronavirus, says there was a large movement of contracted client bookings from the March quarter.
"April in particular, move to later in 2020," the company says in a presentation to a Macquarie Bank conference.
The company says the rest of the June quarter is still "challenged".
However, advertisers have moved from an initial “stop approach” to planning throughout May/June.
The company says out-of-home has enjoyed strong audience growth as well as growth in market share out of total media ad spend.
oOh!Media expects these trends to continue.
The company's $167 million equity raising is being used to pay down debt. Net debt was $354.5 million at the end of December 2019.
The company has also found cost savings, which it now says is ahead of the $20 million to $30 million forecast earlier.
oOh!Media estimates that the physical separation rules during the pandemic have reduced out-of-home daily audience in Australia and New Zealand by more than 50%
But it believes the audience, which has shown growth over the last two weeks, will return quickly when government policies change.
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