Transport was the only low point in an otherwise upbeat set of results, which saw revenues rise by 22% compared with 2001. Earnings before interest, tax, depreciation and amortisation for the transport division fell from €23.1m in 2001 to €9.6m, which the company said reflected the decrease in airport advertising.
JCDecaux pointed out that this was a significant increase from the dismal €200,000 reported for the first half of 2002.
Street furniture and billboard earnings rose last year, with a 15.8% rise in billboard earnings to €55.4m and a 11% rise in street furniture to €340.3m.
In a statement, JCDecaux said: "The increase in revenues primarily reflects the strong performance of the company's street furniture business in all its key markets and improvement in its billboard division, while transport advertising remained challenging, primarily due to the depressed trading conditions in US airports."
The company said that it had reduced operating costs during 2002 by €20.6m, and had decreased its debt by €120.3m to €613.2m.
Shares in the company, listed on the Paris Bourse, were trading at €8.99 mid-morning, a rise of 4.53% on yesterday's close at €8.60, after soaring as high as €9.35 when the market opened.
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