APN Outdoor lifts earnings, revenue forecasts
Ad firm APN Outdoor’s valuation has jumped after it upgraded its earnings forecast, citing a recovery in sales.
Advertising company APN Outdoor Group has seen its valuation soar by around 20 per cent after it upgraded its earnings forecast for 2016, citing a solid recovery in sales.
APN, which operates billboard advertising across Australia and New Zealand, said it now expects earnings before interest, tax and other items to be in a range of $84 million to $86 million this year, up from a prior forecast of $79m to $84m.
It estimated revenue growth for the year of 8.5 per cent to 9.0 per cent, up from 6.0 per cent to 8.0 previously.
“In recent weeks, APN Outdoor has experienced a solid recovery in both media revenues and bookings, with bookings now tracking double-digit growth compared to the prior corresponding period,” the company (APO) said.
The development helped push the group’s shares up as much as 24 per cent in opening deals.
By 10.55am (AEDT), it had marginally pared gains to trade up 18 per cent at $5.465.
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