StockMarketWire.com - Outdoor advertising company Ocean Outdoor warned its performance would fall short of previously published market expectations as the coronavirus shrinks demand for advertising.
The company said it was implementing a series of steps to support its staff and shield its business from 'a rapid deterioration in media and advertising spend, which is expected to have a major impact on group revenues'.
Ocean Outdoor said it was impossible to forecast the extend of the damage to this year's performance.
'Whilst the Group had not provided any financial guidance for 2020, previously published market expectations are no longer applicable,' it added.
Ocean Outdoor said it had no material debt, a 'strong' balance sheet with net cash of about £20m and 'adequate liquidity even under these uncertain circumstances'.
Still, the company said it was in discussions with lenders to further bolster its liquidity position.
Ocean's Netherlands and UK businesses were reducing the staff working week effective from 1 April, as well as introducing voluntary unpaid leave in some areas.
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