Clear Channel Outdoor reports $30.4m fall in UK revenues
Clear Channel Outdoor has reported a $30.4 million fall in UK revenues for 2009.
The firm’s global revenues for 2009 were down 18% year on year to $2.7 billion. For the fourth quarter, revenues were $763.1 million, down 3% year on year.
It made an operating loss of $815 million in 2009, and a net loss of $868 million, although this was an improvement on 2008’s net loss of $2.9 billion
Mark Mays, Clear Channel Outdoor chief executive, said: “During the global recession, we have focused on investing in our digital assets, strengthening our management team and improving the effectiveness of our sales functions, while aggressively realigning our cost structure. These efforts have put us in a solid position to execute our plan as an economic rebound takes hold.”
He added: “Our fourth quarter results reflect a recovering advertising climate across many of our markets, as well as the positive impact of our cost restructuring initiatives. We achieved a significant gain in operating profitability during the quarter, capitalizing on improved revenue trends and a more efficient operating structure.
“As we look to 2010, we remain focused on driving innovation across our worldwide platform, maximising our revenues and fully capitalising on the operating leverage in our business model.”