QMS Media has posted its financial results for the first half of the year, announcing a 65 per cent rise in profit to $16.5m.

Revenue for the outdoor media company was also up 23 per cent to $128.9 million, while gross profit was up 85 per cent to $90.5 million.

Commenting on the results, QMS group CEO Barclay Nettlefold, said: “Our operational and financial results for the first half of 2019 are extremely pleasing, in a challenging media landscape. Our unique diversification strategy, by both category and geography, provides us with a clear point of differentiation from our competitors.

“Our singular focus on quality digital assets and a market first approach to audience data and insights, delivers value for advertisers and this is reflected in our Australian and New Zealand results.

As for the rest of the year, QMS forecasts a strong growth outlook. QMS expects second half media revenue to be 15-20 per cent up on this time last year.

Financial highlights:

• Revenue up 23 per cent to $128.9 million (up 24 per cent to $130.5 million pre AASB 16).
• Gross profit up 85 per cent to $90.5 million (up 45 per cent to $70.9 million pre AASB 16).
• Gross profit margin of 70 per cent (54 per cent pre AASB 16).
• Underlying EBITDA up 144 per cent to $56.4 million (up 47 per cent to $33.9 million pre AASB 16).
• NPATA up 41 per cent to $21.9 million (up 31 per cent to $20.3 million pre AASB 16).
• NPAT up 65 per cent $16.5 million (up 49 per cent to $14.9 million pre AASB 16).
• Net Debt / Underlying EBITDA of 2.7x, down from 3.3×1
• Interim dividend declared of 1.2 cents per share, fully franked.