Outdoor advertising firm "already engaged in the fight back" after profits drop 49.9%

A London outdoor advertising company has reported that its profits dropped by nearly 50 per cent across 2020.

Ocean Outdoor, a provider of digital out-of-home (DOOH) advertising, saw gross profits drop 49.9 per cent from £44.9m to £22.5m, as well as losses of £182m.

Revenues in the period also decreased, falling 17.7 per cent to £104.7m, down from 2020’s £135.1m.

However, the company said that “momentum is building” after the disruptions caused by the pandemic, with expansions of media partnerships in the UK and overseas, including a digital content deal with BT Sport.

This comes after an investment of £6.4m across the last year to expand into new locations.

Tim Bleakley, Ocean’s CEO, commented: “Throughout the period Ocean Outdoor has continued to invest in its platforms and products to prepare for the impending recovery.

“With a strong balance sheet and growth opportunities in every area of our operations, our focus is now on the speed of that recovery as restrictions are lifted.

“We have never stood still. We have not only protected our core businesses across all territories, but developed or won incremental assets and contracts to accelerate growth, strengthening Ocean’s network proposition in key areas such as content partnerships, new technology and brand experiences to maximise every opportunity for advertisers as they return.

“Momentum is building and the investments we have made means Ocean is exceptionally well placed to reach and engage with highly receptive, liberated outdoor audiences at scale.

“We have a strong underlying business, we are well set for the recovery and we are already engaged in the fight back.”