Ocean Outdoor: Full Year Results
Ocean Outdoor Limited (LSE: OOUT), a leading operator of premium Digital Out-of-Home (“DOOH”) advertising in the United Kingdom, the Netherlands, the Nordics and Germany, is pleased to announce its full year results for the twelve months ended 31 December 2021.
Key Highlights
Financial highlights
- Revenue generated by the business in the year totalled £124.4m (FY20: £86.2m)
- Group gross profit was £42.1m (FY20: £22.4m)
- Group loss before tax was £30.3m (FY20: £156.5m)
- Cash on balance sheet of £42.0m (FY20: £30.0m)
- Net assets balance of £193.4m (FY20: £223.8m)
- Cash generated from operations totalling £47.1m (FY20: £32.1m)
UK
- Appointed exclusive outdoor media partner for the Canary Wharf Group, with long-term contract value of £30 million
- £25 million outdoor media partner contract for Edinburgh’s prestigious St James Quarter
- Delivered ‘fan zone’ experiential campaign and Tokyo 2020 highlights at Westfield London in partnership with Team GB
- Successful launch of 3-D product DeepScreen®
Netherlands
- Westfield Mall of the Netherlands officially launched in April
- Secured new retail and key roadside contracts
- Launched the Netherlands’ first Digital Creative Competition
Nordics
- Appointed strategic media partner for Westfield Fisketorvet, Copenhagen
- Extended relationship with DEAS with contract covering 39 event areas across 18 malls in Denmark to launch experiential service
- Partnership with Point Properties, covering 14 malls in Sweden
- Oslo Central bus station launched with 28 new digital screens
- 131 new digital screens installed across a total of 41 malls in Norway, creating strong marketing position
Post period end highlights and current trading
- Retained advertising contract for the iconic BFI IMAX in London with lifetime value of £25 million
- Launch of The Arrival @ Terminal 5, new large format roadside screen
Commenting on the results, Tim Bleakley, CEO of Ocean Outdoor, said:
“We ended 2021 with all our territories open and capitalising on the surge in advertising spend, which culminated in a record Q4 performance for the Group. Over the past three years, the Group has transformed from a UK focused player into one of the most advanced DOOH operators in northern Europe, covering seven countries. Our decision to commit to our investment plans and grow our premium digital assets during the pandemic period has enabled Ocean to be at the forefront of the recovery. At the same time, the advancement in the capability of our network has supported brands in delivering some of the most impactful and memorable out of home campaigns we have seen.”
In the interview below, CEO Tim Bleakley outlines the Group’s business
