Shares in APN Outdoor fell hard after the billboard adverting group downgrade expected earnings.
A short time ago, the shares were down a third to $5.50.
The company posted a 49% rise in half profit to $19.5 million on a 10% rise in revenue to $150.6 million. The company also declared a fully franked interim dividend of 6.5 cents a share, up 44% on last year
However, APN Outdoor says it’s seen a significant reduction in market activity for the September to November period due, at least in part, from a combination of an extended national election process closely followed by the Olympics.
The company says it expects a revenue increase for 2016 in the range of 6% to 8%.
However, it now sees full year EBITDA (earnings before interest, taxes, depreciation, and amortisation) of between $79 million to $84 million, down on the previous guidance of $84 million to $88 million.