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Piccadilly Light operator Ocean Outdoors “counterattacks” as vaccine rollouts boost ad recovery

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Cean Outdoor, which operates the iconic Piccadilly Lights and large advertising screens at Westfield Mall, said the outlook for 2021 is bright as vaccine deployments are “gaining momentum” in the sector.

The company accounts for about 60% of its revenue in the UK and has the remaining footprint in the Netherlands, Germany and Scandinavia. It reported a £ 182m pre-tax loss, including a £ 6.2m loss in 2019 and a £ 142m impairment expense related to Covid for the year ending December. Gross profit was halved to £ 22.5m.

Especially in the UK, the blockade hit trade and reduced revenues by 20% to £ 86.2m.

But on Tuesday, a listed company highlighted its debt facility and its £ 30 million cash position and signed a deal with BT Sport to broadcast a Champions League match clip for shoppers in seven UK cities as a live sports return. Said that it secured.

London Westfield shoppers are among those who can see match clips, and highlights may be played on Piccadilly’s screen.

The company has also signed a € 7 million (£ 6 million) contract to become Westfield Holland’s 10-year strategic media partner and is one of Norway’s busiest destinations with 28 new digital screens. He said it was launched inside the Oslo Bus Station.

CEO Tim Bleakley said the company is becoming a public broadcaster network and management believes it will “pay dividends for recovery.”

He told Standard: “We are already working on a counterattack.

“The story survives and prospers. I’ve done everything my business can do in the face of a pandemic … it was a tough year, but when the government turned off viewers-whether you were a TV company and people. Imagine you said you can’t watch TV-it’s as bad as it gets.

“We have invested and continued to protect cash and liquidity, technology, new assets, new contracts and much more that we believe are in good shape for recovery in all countries. . “”

According to Bleakley, the company sees a direct correlation between increased business confidence in vaccine deployments and increased revenue bookings. “The trajectories and patterns are more positive weekly,” he said.

“I’m still glancing at the rear-view mirrors from time to time, but now we’re looking closely at the road ahead,” said the CEO.

Piccadilly Light operator Ocean Outdoors “counterattacks” as vaccine rollouts boost ad recovery

Source link Piccadilly Light operator Ocean Outdoors “counterattacks” as vaccine rollouts boost ad recovery

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