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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. ....

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