Recently floated out-of-home (OOH) company QMS has delivered its first financial results and reveals it has finalised acquisition of advertiser ABsee only a year after launching.

The OOH company has released its first results since listing on the ASX in June last year, logging a profit of $5.7m and saw shares surge 90 per cent to $1.20.

The company also reports revenue of $44m for the half-year- however, that is without a corresponding period to compare as it only began operations in March 2015.

QMS has since sealed an acquisition of 51 per cent ownership of advertising firm ABsee. According to the business the total value of the deal is $6.6m.

ABsee operated more than 700 street panels on the Gold Coast and QMS reveals it intends to convert up to 100 to digital before the 2018 Commonwealth Games.

QMS chief executive Barclay Nettlefold says the OOH company is set to double the number of digital billboards for the full year and is planning expansion in New Zealand and Indonesia.

Its performance follows a string of booming financial results for the outdoor media industry, with Ooh! media posting a 56.8 per cent boost in profit, and APN Outdoor delivered revenue growth of 20 per cent.

The OOH industry itself is expected to skyrocket for the full 2016 year, after the OMA reported $58.3m net revenue for the month of February- up 20.5 per cent from the same period last year. The peak industry body is confident it will continue to climb.

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