StockMarketWire.com - Outdoor advertising group Ocean Outdoor posted a first-half loss as the pandemic weighed on demand, though it said trading had improved in the second quarter.

Pre-tax losses for the six months through June amounted to £24.8 million, compared to year-on-year losses of £29.5 million, even as revenue climbed 11% to £40.6 million.

Second-quarter revenue almost tripled to £25.9 million, marking a significant upturn from the first quarter.

'The recovery is underway with a strong second quarter underpinning the increased levels of client activity,' chief executive Tim Bleakley said.

'The strong sequential demand has tracked the vaccine rollout and phased lifting of restrictions, as well as the renewed confidence from high-spending advertising categories.'

'We believe we are at the beginning of a resurgence of activity in our sector validated by independent industry data, and are therefore confident in the period ahead.'


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