Half Year 2024 oOh!media Ltd Earnings Call Transcript
Key Points
- oOh media Ltd (ASX:OML) remains the number one company in revenues, profits, margins, and scale within the Out of Home sector in Australia and New Zealand.
- The company has a strong industry backdrop with Out of Home media rising to a record share of 15% of SMI and being the fastest-growing media sector.
- oOh media Ltd (ASX:OML) has secured significant new contracts, including the Sydney Metro rail and Woollahra Council, which are expected to contribute positively in the second half and beyond.
- The company has made strategic investments in digitizing its retail networks and enhancing go-to-market capabilities, which are expected to drive improved pricing and yield optimization.
- Despite a 2.8% revenue decline, oOh media Ltd (ASX:OML) managed to expand its adjusted underlying gross profit and EBITDA margins by 1.8 percentage points and 0.1 percentage point, respectively.
- Revenue declined by 2.8% for the period, attributed to the exit of the Vicinity retail contract and changes in the structure of a key contract renewal.
- The company experienced a 7% decline in adjusted underlying NPAT per share, leading to the Board holding the interim dividend consistent with last year at $0.0175 per share.
- The Road segment saw a significant decline of 12% in the second quarter, attributed to poor execution and the exit of some Vicinity Road sites.
- Street and rail reported a 3% revenue decline for the half, with strong digital inventory performance offset by declines in the classic portfolio.
- The rollout of the Woollahra assets has been slower than anticipated, with only about 50% complete, impacting expected revenue contributions.
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Thank you, and good morning, everyone, and welcome. I'm here today with oOh!media's Chief Financial Officer, Chris Roberts, and together, we'll take you through the company's interim results for 2024.
Before we start, I would like to acknowledge the traditional owners of the land on which we're meeting today, the Gadigal people of the Eora Nation, and we pay our respects to their elders, past and present, and recognize their enduring connection to this land.
For today's agenda, we'll turn to slide 3. I'll provide a couple of slides to set the context for today's presentation before I speak to the headline and this will include an overview of our revenue performance and the actions we're taking to deliver a stronger outcome in the second half. Chris will then dive into the financials and update you on our work with commercial contracts. Today, we're also going to cover at a high level some of the work we've been doing in the half to build the oOh
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