oOh!media Limited reported a jump in profits due to its rapid expansion and contract wins.

The advertising company reported a net profit of $18.4 million for the 12 months ending December 31, compared to the net loss of $25 million in 2014.

“oOh!media achieved significant growth in 2015 through contract wins and extentions and strategic acquisitions,” said Brendon Cook, company CEO.

“We secured 145 new contracts and tenders including the sought after NSW Roads and Maritime Services contract for 13 large format billboards across Sydney’s road network,” Cook added.

The company reported a pro forma revenue of $279.8 million, up 7.3 per cent from the previous year, exceeding the Prospectus forecast by 5 per cent. A pro forma EBITDA of $57.7 million has also been reported, which is up 37.1 per cent from the previous year, exceeding the Prospectus forecast by 18.8 per cent.

Cook said the company’s digital revenue reached 31.9 per cent, up from 23.2 per cent in 2014. “In Q4, this represented 38.3 per cent of total group revenue, and we are targeting to deliver digital revenue between 45 to 50 per cent of total Group revenue by the end of 2018,” he said.

For 2016, the company forecasts earnings before interest, tax, depreciation and amortisation of between $68 million and $72 million, representing 17-25 per cent growth, and capex of $20 million to $25 million.

oOh!media also said it had reached an agreement to extend its bank facilities by $50 million to $190 million, providing headroom for growth.

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