Outdoor media company QMS has released its 2018 financial results this morning, posting record earnings from the past 12 months.

According to the results, QMS’s statutory net profit after tax (NPAT) is up 10 per cent to $18.4 million for the 2017/18 financial year.

QMS’s revenue was up 21 per cent to $204.2 million with digital revenue representing 79 per cent of Aussie media revenue and 70 per cent of total group media revenue (across Australia and New Zealand).

Meanwhile, QMS’s underlying earnings before interest, taxes, depreciation and amortization (EBITDA) was up 22 per cent to $45.8 million.

Commenting on the results, QMS group chief executive officer Barclay Nettlefold said: “QMS has delivered another convincing performance, as we continue to focus and deliver on our strategic imperatives across our Digital, Outdoor and Sports media platforms, as well as advancing our data and analytics capabilities.

“I am very pleased that QMS has once again outperformed the market, with revenue growing faster than our competitors.”

Adding, “The 2018 financial year was one of significant growth for the business, driven by our continued focus on building an industry-leading digital portfolio in key strategic markets.

“Our digital development roll-out has maintained momentum, with 37 new landmark billboards switched on during 2018, and more than 135 sites planned to be live by June 30 2019,” he added.

Meanwhile, the out of home rumour mill is again spinning with speculation Val Morgan has its eyes on QMS.

According to The Australian, speculation festered as QMS acquired the majority interest of TGI Systems Corporation (TGI) and TGI Europe GmbH (TGIE) for $40 million earlier this week.

Looking at QMS’ latest results, financial analysts doubted the outdoor company would manage to make such a mammoth purchase without some support.

The speculation it is Hoyts’-owned Val Morgan which may be backing QMS comes from rumours Hoyts’ owner Dalian Wanda was in talks with APN Outdoor earlier this year.

Wanda was reportedly speaking with APN Outdoor about the possibility of purchasing a 20 per cent stake in the business, as per The Oz.

The move sees QMS continuing the expansion of its existing sports technology and media rights business, QMS Sport.

The outdoor sector is experiencing a massive wave of consolidation, with the ACCC clearing JCDecaux’s acquisition of APN Outdoor as well as oOh!media’s Adshel takeover last week.