The oOh!Media Ltd (ASX: OML) share price is up 20 per cent to $3.60 this morning after it told investors it expects underlying EBITDA between $138 million to $143 million over calendar 2019. This compares to prior guidance for underlying EBITDA between $125 million to $135 million.
The digital advertising business reports on a calendar year basis and attributed the guidance upgrade to improved bookings over the final 4 months of calendar 2019. It also suggested capex for the year will come in at the lower end of the $55 million to $70 million range.
oOh!Media shares are still down around 16 per cent over the past year after the company's valuation plunged in August 2019 on the back of a weaker-than-expected first half to the calendar year.
It blamed a weak first half on challenging market conditions and a weak local economy, although advertising bookings have rebounded in what is traditionally its strongest Christmas quarter.
oOh!Media will hand in its final results on February 24, 2020.
