StockMarketWire.com - Outdoor advertising group Ocean Outdoor posted a deeper first-half loss after sales were hit by the Covid-19 crisis.

Pre-tax losses for the six months through June amounted to £29.5m, compared to losses of £4.0m on-year, as revenue fell 2.5% to £36.5m.

Adjusted earnings before interest, tax, depreciation and amortisation fell 33% to £13.7m.

Ocean Outdoor said it had seen a week-on-week trading improvement since May, with thethird quarter tracking significantly better than the second.

It added that forward visibility remained extremely short, with advertiser confidence directly linked to continued changes in government policy on Covid-19 restrictions.

'It has been an extraordinary six months,' chief executive Tim Bleakley said.

'Our business and the whole global advertising sector has had to deal with the impact of Covid-19 and react to events, government guidelines and restrictions on a daily basis.'

'With new contracts won, an expanded network and a strong balance sheet, Ocean is both well poised to take full advantage of the market recovery and in a strong position to withstand any further headwinds.'




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