Shares in oOh!media fell hard after a profit downgrade following a sharp fall in advertising.
They fell more than 42% during the day before closing at $2.93, down 27.4%
The company says advertising bookings for the third quarter experienced a "sharp decline".
The main fall is in large format roadside billboards. The key sectors not advertising are automotive and financial services.
"While the first half performance was tracking in line with the company’s previous stated guidance, tracking of the company’s trading activity for the second half of FY19 has revealed a significant decline in overall media advertising spend," the company says.
"In line with the challenging market conditions being experienced by the wider media market, the Company’s advertising bookings for the third quarter of 2019 experienced a sharp decline compared to the bookings on-hand at the same time last year."
oOh!’s earnings are traditionally significantly weighted towards the second half of the year, and to the fourth quarter in particular.
"While oOh!’s bookings for the fourth quarter are indicating improvement on the third quarter, and on the fourth quarter of the prior year, trading in recent weeks indicates that this improvement will be less than anticipated and will now be insufficient to offset the significant decline currently being experienced in the third quarter," the company says.
"The current general economic uncertainty and challenging market conditions makes predicting activity more difficult."
oOh! expects to report revenue of $304.8 million for the half ended to June, an increase of 5%, with underlying EBITDA of $56.0 million, down 2%,.
oOh!’s previous earnings guidance was for FY19 Underlying EBITDA to be between $152 million and $162 million.
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