Out-of-home media player APN Outdoor has seen its profit fall in 2017 despite an increase in revenue.
APN’s overall revenue was up 4 per cent to $342.9 million in the 12 months to 31 December 2017, with digital revenue up 13 per cent and classic revenue stable.
However, the company’s statutory net profit was down 9 per cent to $44 million last year compared to 2016.
APN chief executive James Warburton (pictured above) said the full-year result was a “credible outcome in a challenging environment”.
“Underlying EBITDA of $90.3 million was within our guidance range provided in August, albeit at the lower end of the range,” he said.
“At only circa 6 per cent of the overall advertising industry, the out-of-home industry has untapped potential.
“In addition, our contract renewal exposure for 2018 and 2019 has reduced to single digits given the recent renewals won including Sydney Trains just last week.”