Outdoor media specialist oOh!media has withdrawn its profit guidance in the face of a deteriorating economy from the coronavirus.
The company says performance in the first quarter is consistent with delivering the full earnings guidance provided at the full year results in February.
"However, the deteriorating macroeconomic conditions and resultant market uncertainty caused by COVID-19 has made forecasting full year revenue in the current environment difficult," the company says.
oOh!media shares were down almost 10% to $1.38 in early trade.
"The company is taking decisive action to proactively manage the business through this period and ensure it remains well positioned for when conditions stabilise, and continues to make every effort to achieve the prior earnings guidance."
Capital expenditure is being re-prioritised and will be materially below the bottom of the previous guidance range of $60 million to $70 million.
"Once market conditions stabilise, the Company will seek to reinstate earnings and capital expenditure guidance," says oOh!media.
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