Earnings before interest, tax, depreciation and amortisation fell by 2% in 2001 to €377.3 (£233.1m), in line with the company's forecasts. Revenue was up by 8.9% to €1.5bn, including acquisitions. However, the group faced charges of €5.8m relating to restructuring costs and the closure of the in-flight-magazine ad business RCI.
Hardest hit was the billboard division, which saw organic revenues decline by 9%, owing to competitive price pressure, according to JCDecaux. Transport was hit by a 0.6% decline in organic revenues.
The bright spot for JCDecaux was its street furniture division, which is the biggest in the world. It saw organic revenue growth of 6.9% and total revenue growth of 10% to €798.2m 2001.
Looking forward for 2002, JCDecaux predicted that its street furniture division would achieve organic revenue growth of 2%. However, its transport revenues are likely to see a double-digit decline compared with the first half of last year.
Jean-Francois Decaux, chairman and co-chief executive of JCDecaux, said: "As far as 2002 is concerned, we expect to see continued organic growth in our street furniture business, confirming its ongoing resilience. While billboard is improving, transport continues to be difficult following September 11, but should improve in the second half when passenger numbers are expected to show a full recovery."
Shares in the company rose by 1.6% this morning to trade at €12.70. The company listed in Paris on June 21 2001.
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