The bosses over at JCDecaux have another reason to be jumping for joy today following the ACCC’s decision to clear its takeover of APN Outdoor.
For the first half of 2018, APN delivered a statutory net profit after tax (NPAT) of $17.8 million – up 13 per cent compared to the first half of 2017.
The company’s revenue rose four per cent in 1H18 to $168.4 million, driven by digital, which accounted for 42 per cent of all revenue – up from 37 per cent in 1H17.
APN Outdoor’s half-yearly earnings before interest, taxes, depreciation and amortisation increased by seven per cent to $39.7 million.
Commenting on the results, APN Outdoor chief executive and managing director James Warburton said: “We have acted quickly to affect a significant turnaround of APN Outdoor and there is clear momentum across all parts of our business.
“Today, we have reported strong earnings growth, underpinned by solid revenue growth and a prudent cost management program.
“We have achieved a 100 per cent strike rate in terms of contract renewals and we have also secured several significant new contracts. At the same time, we have invested in our people and in leading innovations such as Dn’A.
Warburton said the turnaround has culminated in the acquisition deal with JCDecaux, which just received the green light from the competition watchdog.
“The team remains focused and will continue to drive the results for the coming half,” he said.
APN Outdoor’s results come after rival oOh!media also posted solid profit and revenue growth for the first half of 2018.