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Ocean Outdoor plunges deeper into loss after Covid buffets trading
Tue, 4th May 2021 13:51
(Alliance News) - Ocean Outdoor Ltd on Tuesday said its loss widened significantly in 2020 as out-of-home advertising suffered from lockdowns keeping people in-the-home.
The London-based operator of digital advertising reported a pretax loss of GBP184.3 million for 2020, substantially greater than the GBP6.2 million seen the prior year.
Revenue dropped by 17% year-on-year to GBP86.2 million from GBP104.0 million, but the loss was mainly the result of a GBP142 million impairment charge, compared to none the year before. The impairment was of intangibles and investments in associates.
However Ocean Outdoor said the outlook for 2021 is beginning to improve, with weekly bookings up and the feeling that momentum is building following the vaccine rollout.
4 May 2021 | 07:40am
StockMarketWire.com - Outdoor advertising group Ocean Outdoor booked a deeper annual loss after its revenue slumped and it wrote down the value of its assets, citing the pandemic.
Pre-tax losses for the year through December amounted to £184.3 million, compared to year-on-year losses of £6.2 million, and included a £133.6 million impairment charge.
Revenue dropped 17% to £86.2 million, while gross profit roughly halved to £22.5 million.
The company did not declare any dividends for the year. Throughout the period Ocean Outdoor has continued to invest in its platforms and products to prepare for the impending recovery, chief executive Tim Bleakley said.
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