Australia and New Zealand outdoor advertising company oOh!Media has experienced its lowest share price in 12 months, dropping 27 per cent on the ASX.
The outdoor media company has also cuts its profit forecast by 17 per cent, citing a $125 million to 135 million profit down from its originally forecasted $152 to $162 million.
In response to the news revealed on Friday, its share price dropped from $4.04 to as low as $2.32 at 10:15am (AEST), a 40 per cent slide.
On August 26, oOh!Media will be releasing its half-year report where it is expected to report revenue of $304.8 million for the June 2019 half year.
However, while the first half of the year was in line with its original forecast, the second of the year has revealed a large decline in media advertising spend.
B&T reached out to oOh!Media for comment but didn’t receive a response at the time of publishing.