| JCDecaux SE (Euronext Paris: DEC), the number one outdoor advertising company worldwide, announced today its revenue for the third quarter 2024. |
| Commenting on the 2024 third-quarter revenue, Jean-Charles Decaux, Chairman of the Executive Board and Co-CEO of JCDecaux, said:
“Our Q3 2024 Group revenue grew by +10.9%, +11.1% on an organic basis, above our expectations, to reach €948.2 million with a solid business momentum across all segments and geographies, mainly driven by continued strong digital revenue growth, while France benefited from the positive impact of the Paris Olympic and Paralympic Games. |
| Digital Out Of Home (DOOH) revenue grew by +17.8%, +18.5% on an organic basis, to reach a new record high of 38.5% of Group revenue including an ongoing strong programmatic revenue growth. |
| All business segments recorded strong organic revenue growth: Street Furniture grew by +8.8% with continued solid momentum, Transport grew by +15.5% reflecting the strong growth in both airports and public transport systems and Billboard grew by +7.9% driven by solid momentum across markets. |
| France and the UK delivered strong double-digit organic revenue growth with all other geographies growing high single-digit. Our business in China, while still well below pre-covid levels, grew double-digit with an increased digital penetration. |
| As far as Q4 is concerned and bearing in mind our record Q4 last year, we expect a low single-digit organic revenue growth rate, including continued solid development of digital revenue and reflecting some macro uncertainties such as ongoing debates about government budgets in France and the UK, while China is expected to be around flat due to low consumer demand. |
| We are confident that Out of Home (OOH) will continue to grow its market share in a fragmented media landscape with Digital Out of Home (DOOH) being the fastest-growing media segment. JCDecaux as the industry leader and the most digitised global OOH Media company is well positioned to benefit from this digital transformation.” |
| Following the adoption of IFRS 11 on January 1st, 2014, the operating data presented below is adjusted to include our pro rata share in companies under joint control.
Please refer to the paragraph “Adjusted data” of this release for the definition of adjusted data and reconciliation with IFRS.
The values shown in the tables are generally expressed in millions of euros. The sum of the rounded amounts or variations calculations may differ, albeit to an insignificant extent, from the reported values. |
| Adjusted revenue for the third quarter of 2024 increased by +10.9% to €948.2 million compared to €855.0 million in the third quarter of 2023.
Excluding the negative impact of foreign exchange variations and the positive impact of changes in perimeter, adjusted revenue increased by +11.1%.
Adjusted advertising revenue, excluding revenue related to the sale, rental and maintenance of street furniture and advertising displays, increased by +10.4% on an organic basis in the third quarter of 2024. |
| By activity: |
| Q3 adjusted revenue |
2024 (€m) |
2023 (€m) |
Reported growth |
Organic growth (a) |
| Street Furniture |
468.5 |
432.0 |
+8.4% |
+8.8% |
| Transport |
346.9 |
302.1 |
+14.8% |
+15.5% |
| Billboard |
132.7 |
120.8 |
+9.8% |
+7.9% |
| Total |
948.2 |
855.0 |
+10.9% |
+11.1% |
(a) Excluding acquisitions/divestitures and the impact of foreign exchange |
| 9-month adjusted revenue |
2024 (€m) |
2023 (€m) |
Reported growth |
Organic growth (a) |
| Street Furniture |
1,386.4 |
1,254.7 |
+10.5% |
+10.0% |
| Transport |
980.8 |
838.8 |
+16.9% |
+17.6% |
| Billboard |
388.6 |
346.5 |
+12.2% |
+9.5% |
| Total |
2,755.8 |
2,440.0 |
+12.9% |
+12.6% |
(a) Excluding acquisitions/divestitures and the impact of foreign exchange |
| Please note that the geographic comments below refer to organic revenue growth. |
| STREET FURNITURE
Third quarter adjusted revenue increased by +8.4% to €468.5 million (+8.8% on an organic basis). France driven by the Paris Olympic and Paralympic Games, UK and Rest of the World grew double-digit. North America and Asia-Pacific recorded high single-digit growth. |
| Third-quarter adjusted advertising revenue, excluding revenue related to the sale, rental and maintenance of street furniture was up +7.3% on an organic basis. |
| TRANSPORT
Third quarter adjusted revenue increased by +14.8% to €346.9 million (+15.5% on an organic basis). France, the UK, the Rest of Europe and Asia-Pacific grew double-digit. |
| BILLBOARD
Third quarter adjusted revenue increased by +9.8% to €132.7 million (+7.9% on an organic basis). France and the Rest of Europe grew double-digit. North America and the Rest of the World recorded high-single-digit growth. |
| ADJUSTED DATA
Under IFRS 11, applicable from January 1st, 2014, companies under joint control are accounted for using the equity method.
However, in order to reflect the business reality of the Group, the operating data of the companies under joint control will continue to be proportionately integrated into the operating management reports used by directors to monitor the activity, allocate resources and measure performance.
Consequently, under IFRS 8, Segment Reporting presented in the financial statements complies with the Group’s internal information, and the Group’s external financial communication therefore relies on this operating financial information. Financial information and comments are therefore based on “adjusted” data, consistent with historical data before 2014, which is reconciled with IFRS financial statements.
In Q3 2024, the impact of IFRS 11 on adjusted revenue was -€76.1 million (-€66.0 million in Q3 2023), leaving IFRS revenue at €872.0 million (€789.0 million in Q3 2023). For the first nine months of 2024, the impact of IFRS 11 on adjusted revenue was -€217.1 million (-€184.1 million for the first nine months of 2023), leaving IFRS revenue at €2,538.7 million (€2,255.9 million for the first nine months of 2023).
ORGANIC GROWTH DEFINITION
The Group’s organic growth corresponds to the adjusted revenue growth excluding foreign exchange impact and perimeter effect. The reference fiscal year remains unchanged regarding the reported figures and the organic growth is calculated by converting the revenue of the current fiscal year at the average exchange rates of the previous year and taking into account the perimeter variations pro rata temporis, but including revenue variations from the gains of new contracts and the losses of contracts previously held in our portfolio. |
| For the full document click the link below: |
| JCDecaux SE |
| Stay ahead of the curve! Subscribe to InsidEntity for daily updates on all your favourite companies. |
