'Sometimes you have to cop to a bad quarter' - Ooh Media drops a mediocre set of numbers
'Sometimes you have to cop to a bad quarter' - Ooh Media drops a mediocre set of numbers
Welcome to a Tuesday edition of Unmade. The full post is for our paying members. Today: Ooh Media drops a plate and the Unmade Index takes a whack.
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Last chance on REmade earlybird savings
Cat McGinn writes:
The earlybird discount ends tonight for this year’s REmade conference.
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Ooh Media misses the tailwinds
For such a long established company, Ooh Media rarely has a run of more than a couple of years where direct comparisons can be made of its performance.
The 2018 acquisition of Adshel added 60% to Ooh Media’s revenues overnight. Then 2020 and 2021 saw lockdowns smash the out of home sector. And early in 2021, Cathy O’Connor succeeded long term CEO Brendon Cook.
So yesterday’s first half numbers (unlike most ASX companies, Ooh Media follows a calendar rather than traditional financial year) are the first time we get a snapshot of three years of relatively consistent leadership and market conditions for Ooh Media.
They weren’t great. In conversation with O’Connor yesterday, she conceded: “Sometimes you have to cop to a bad quarter”.
Revenue (the green bars in the graph) was down by 2.8% to $288m for the half. An obvious point of comparison is the high point of 2019, when revenues were $305m for what was then a less digitised business.
