oOh! reports 7% revenue growth, declaring fully franked dividend in End of Year Results - Image Magazine

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oOh! reports 7% revenue growth, declaring fully franked dividend in End of Year Results


  • Statutory net profit after tax of $34.6m, up 10% (CY22: $31.5m).

  • Revenue up 7% to $633.9m on the prior year.

  • Adjusted EBITDA1 of $130.2m, up 2%, reflecting increased revenue, partially offset by increased rent and lower rental abatements.

  • Disciplined approach to contract renewals sees oOh! successfully retain 75% of large contracts expiring in 2023.

  • New contracts are expected to deliver $30 million in annualised revenue upside from mid-2024.

  • New retail media offering – reooh – secures long-term contracts with two customers and a pilot program with a one major Australasian retailer.

  • Fully franked full-year dividend of 5.25 cents per share, up 17%.

oOh!media Limited has announced its financial results for the year ended 31 December 2023.

“We delivered a solid result which highlights the financial discipline and operational improvements that are positioning oOh! to capitalise on the continued growth of Out of Home, which remains the fastest growing media segment,” said Chief Executive Officer Cathy O’Connor.

“The Group is developing innovative new revenue streams while remaining disciplined on our approach to renewing existing contracts or winning new contracts. This is expected to strongly position oOh! to retain market leadership and build revenue in a rapidly evolving sector,” O’Connor said.

The Group delivered a statutory net profit after tax (NPAT) of $34.6m, up 10% on CY22. Group revenue was up 7% to $633.9m, driven by a 14% increase in the Road (billboard) division. All other formats were up in the previous year. This compares to the market, which grew 8% after adjusting for the City of Sydney.

oOh! also launched its new reooh division, which focuses on retail or in-store signage – a market predicted to be worth $3 billion in Australia by 2027.

In its first year of operation, reooh secured two long-term contracts, with one major Australian retailer signing on for a pilot program in Q1 CY24.

A disciplined approach to negotiations saw the retention of 75% of the large contracts expiring in the reporting period without margin degradation.

In addition, three new contracts were secured (Sydney Metro, Sydney Metro Martin Place and Woollahra Council), representing approximately $30 million in annualised revenue upside from mid-2024.

The OMA reports that Out of Home grew 12% for 2023, or 8%, after adjusting for the City of Sydney. Further, Out of Home continued to outperform other media with a 15% growth in agency media spending for the year compared to a 3% decline in total agency media spending.

“Our focus remains on leveraging the structural growth opportunities in Out of Home to build profitable market share while also diversifying into new adjacent revenue streams to deliver long-term sustainable earnings growth,” said O’Connor.



The Group’s Road (billboard) division delivered a strong result compared to the prior year. Revenue increased by 14% to $218.4 million. Momentum continued into the second half, with 2H revenue up 16% compared to the prior corresponding half.

Street Furniture and Rail

Revenue in Street Furniture and Rail increased by 1% to $197.7 million. Revenue increased in the second half, up 4% on the prior corresponding half, following a decline in the first half, which was impacted by the previous introduction of a competitor’s significantly expanded City of Sydney offering in September 2022.


Revenue in the Retail format increased by 2% to $145.2 million compared to the prior year. oOh! expanded its Retail digital footprint by adding 380 new digital panels to over 44 new and upgraded centres.


The continued recovery in air travel reflected strong revenue growth in the Fly category, which increased by 29% to $43.7 million in the prior year. Revenue growth in percentage terms was stronger in the first half when compared to a prior period, which was impacted by the COVID Omicron variant which reduced air travel.

City & Youth (Formerly Locate)

Revenue was steady on the prior year at $17.7 million. Revenue in the second half grew 10% on the prior corresponding half, reflecting the continued slow return of audiences to Central Business District office environments. Adjusting for the sale of the Café and Venue business, revenue on a like-for-like basis in the format increased by 9% on the prior year.


On 8 June 2023, the Group advised it had completed its on-market share buyback programme, having bought back 59,864,587 shares for a total of $82.4 million over the course of the programme at an average of $1.37 per share.

The Board continues to assess capital management initiatives.


The Group’s policy is to pay dividends 40-60 per cent of adjusted net profit after tax.

For CY23, adjusted net profit was $55.0 million. The Board declared a final dividend of 3.5 cents per share, fully franked, bringing the full-year dividend to 5.25 cents per share fully franked, an increase of 17% on the prior year and representing a 51% payout ratio.

The record date for entitlement to receive the final dividend is 29 February 2024, with a scheduled payment date of 21 March 2024.


The Group’s financial position remains strong. The completion of the on-market share buyback increased net debt on 31 December 2023 to $83.8 million compared to $32.9 million as at 31 December 2022. However, net debt has reduced by 25% from 30 June 2023.

The gearing ratio (net debt / Adjusted Underlying EBITDA) as of 31 December 2023 was 0.6 times. The Company’s target is to maintain gearing not exceeding 1.0 times in the short term.

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