Outdoor advertising giant oOh!media has withdrawn its 2020 full year revenue guidance citing uncertainty caused by the coronavirus pandemic as the reason.

oOh!media, the owner of Cactus Imaging, said first quarter revenue for the year to date is line with this time last year and on track to hit the full year guidance but with nine months to go before the end of oOh!media’s financial year the full economic fallout from coronavirus is largely unknown.

Based on this uncertainty, the company has opted to withdraw its full year guidance. Last month oOh!media reported its full year 2019 earnings with a 10 per cent drop in net profit after tax to $52.4 million.

“The deteriorating macroeconomic conditions and resultant market uncertainty caused by COVID-19 has made forecasting full year revenue in the current environment difficult. This is particularly relevant for oOh!media given the company has nine months remaining in its financial year to December 2020,” oOh!media said in a statement to the Australian Securities Exchange on Monday.

oOh!media said it is taking “decisive action” to proactively manage the business through this period.

The company is also reprioritising its capital expenditure planning and will be materially below the $60-70 million it had forecast to spend.

“oOh!media remains vigilant on cost and is maintaining strict cost and cash flow discipline throughout the business,” the company said.

“Once market conditions stabilise, the company will seek to reinstate earnings and capital expenditure guidelines.”

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