oOh!Media has posted a loss of $27.5 million for the six months to June, as the out-of-home company takes a hit from the coronavirus pandemic.
The company released its half-year results today, with revenue down a third to $205 million.
“We have maintained market share while strengthening our balance sheet, having responded quickly to the challenges presented by COVID-19,” says CEO Brendon Cook.
“While revenue and profits predictably declined, our decisive early action to raise additional equity, reduce cost and capital expenditure and manage cash flows has reduced debt by 67% and positioned the company well for the future.”
Last week the company made 22 roles redundant in response to the COVID-19 crisis which has cut deep into the outdoor media sector, restricting its audience and ability to sell advertising space.
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