|JCDecaux Announces Revenues For the First Quarter 2002|
29 April, 2002 – JCDecaux SA (Euronext Paris: DEC) today announced its revenues for the three months ended 31 March, 2002, reporting a 4.7% increase to €358.6 million compared to the same period last year. On a like-for-like basis, excluding acquisitions, revenues decreased by 2.1%, reflecting a particularly strong first quarter last year and continued weakness in the Transport division. These revenue figures are in line with the Company's comments at the time of its annual results, announced in March.
Street Furniture revenues increased by 5.7% to €198.8 million in the first quarter from €188.1 million in the same period last year. Excluding acquisitions, organic revenue growth was 3.5% in the period, comfortably ahead of the 2001 fourth quarter year-on-year increase of 1.6%. Billboard revenues rose 14.6% to €93.2 million from €81.4 million in the same period last year, but declined 2.8% on a like- for-like basis. Transport revenues declined 8.9% to €66.6 million from €73.1 million in the first quarter of 2001, and declined 15.8% on a like-for-like basis.
These revenue figures reflect the continued strong contribution of the Company's street furniture business, which showed good advertising sales growth in US shopping malls, and the relative improvement in billboard trading conditions compared to the fourth quarter of last year, while the advertising environment in transport remained difficult.
JCDecaux has continued to improve its portfolio and expand its footprint. Significantly in terms of the development of the outdoor advertising market, JCDecaux has formed a five year pan-European outdoor advertising alliance with Unilever, potentially worth in excess of €100 million.
Jean-François Decaux, Chairman of the Board and Co-Chief Executive Officer, said: « Our first quarter performance was in line with expectations and highlights the attractiveness of our street furniture business, which continues to grow on the back of an already strong performance in 2001 and in 2000, reflecting the unique quality of our assets. While trading conditions improved in Billboard compared to the end of last year, our Transport division continued to be impacted by the aftermath of September 11.
Looking ahead, we expect that Street Furniture will achieve higher organic revenue growth, in line with the first quarter, than previously anticipated for the first half of 2002, while organic revenues in our Billboard division may decline slightly. In Transport, while organic revenues are still expected to show a double-digit decline compared to the first half of last year, when Transport increased 13% organically, improvement should be seen in the second half. We will continue to make sound progress, with year on year growth in the second half of 2002 expected to be stronger than in the first, in part due to more favourable comparables. We expect to continue to outperform both the advertising market as well as the outdoor advertising market. »
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