Cathy O’Connor, oOh! CEO, said: “This multi-year extension of our long term partnership with Victoria’s Department of Transport and Planning continues oOh!’s purpose to make public spaces better by delivering high quality street infrastructure, important community information and advertising services across Melbourne for the benefit of all citizens for years to come.
“Melbourne is the largest populated city in the country, and in line with our strategy to lead the Out of Home sector to a digital first future, we have ambitious goals to further invest in growing our digital screen network across the city to provide advertisers with more innovative ways to connect with audiences at scale.”
Last month, oOh!media reported its full year results for 2023, headlined by 7% revenue growth to $633.9m and a 10% jump in its statutory net profit after tax (NPAT) to $34.6m.
Earnings before interest, tax, depreciation and amortisation (EBITDA), meanwhile, climbed a modest 2%, which oOh! said was a reflection of increased rent and reduced rent abatements.
oOh! attributed its revenue jump to a 14% increase in the road – billboard – division to $218.4m, driven by a strong second-half performance, up 16% compared to H1. Every other division – street furniture and rail, fly, street furniture and youth, retail – also grew on 2022’s results.
oOh! won 75% of the large contracts which came up for renewal in 2023.
SOURCE: Mediaweek