APN Outdoor profit warning hits out of home advertising sector as share prices tumble

APN Outdoor has lost a third of its value after warning of weaker market conditions in the out of home advertising market, with the share sell off extending to rivals Ooh Media and QMS Media which also suffered heavy falls.

Despite posting largely positive first half results – revenue climbed 10% and earnings 31% – APN Outdoor’s share price tumbled more than 33% to $5.49 as it downgraded its full year profit guidance.

The decline wiped half a billion dollars of its value with a market capitalisation now of $915m.