It has earmarked £3.5m to reposition its billboard business, which is its primary objective this year. It has developed alternative strategies, depending on whether it wins or loses the spring tender for Network Rail's roadside contract.
The company wants £3.5m to grow its rail advertising operation, which is secure for the next few years on the back of the renewal of the Network Rail mainline station concession, representing 43% of all rail advertising revenue.
In addition, Maiden won contracts with the eight largest train operating companies, including First Great Western and Thameslink.
A further £2m has been earmarked for improvements to the retail portfolio, which is concentrated on supermarkets and shopping centres. It has already repositioned the portfolio towards the premium end after the termination of its contract with Somerfield-Kwiksave at the end of 2003.
The remaining £1m will be kept back in order to respond to opportunities as they come up.
The company said that the prospects for the outdoor market this year look strong and it indicated that its estimated full-year profit before amortisation and exceptionals will be £7m, up 27% on 2003's £5.3m.
Ron Zeghibe, chief executive of Maiden, said: "Maiden has made significant progress in developing its portfolio in recent years and there are major opportunities to be extracted from its current advertising estate."
Maiden is offering two shares for every 19 at a price of 210p a share, a discount of 5.6% to Wednesday's closing price of 222.5p.
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