JCDecaux Downbeat On Early 2002 Outlook

JCDecaux Downbeat On Early 2002 Outlook

JCDecaux has this morning released full year results for 2001 which revealed a 2.1% fall in profits and a downbeat outlook for Q1 2002.

EBITDA was down 2.1% to E377.3 million whilst net profits were halved to E10.2 million from E20.4 million in 2001. This, said the group, was due to a slowdown in its billboard and transport advertising markets and exceptional restructuring charges.

Looking to 2002, the group said that it expects to see further losses in Q1 saying that “trading remains difficult in transport due to the negative effect of 11th September and organic revenues in the first quarter of 2002 will show a double-digit decline compared to the same period in 2001.”

JCDecaux expects that the second half of the year will be stronger and claims that the group is well positioned to benefit from a rebound in the market.

Jean-François Decaux, chairman of the executive board and co-CEO, said: “As far as 2002 is concerned, we expect to see continued organic growth in our Street Furniture business, confirming its ongoing resilience. While Billboard is improving, Transport continues to be difficult following 11th September but should improve in the second half when passenger numbers are expected to show a full recovery. We expect the overall outdoor industry to continue to outperform the global advertising market, with JCDecaux growing faster than the outdoor advertising sector.”

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