Shares in JCDecaux SA jumped Friday after the French outdoor-advertising company posted revenue ahead of market expectations for the fourth quarter.
At 0832 GMT, JCDecaux shares traded 9.2% higher at EUR23.34.
The company on Thursday posted adjusted revenue of 955.8 million euros ($1.07 billion) compared with EUR695.1 million in the fourth quarter of 2020.
The result represents a 37.5% increase on a reported basis and a 34.7% jump in organic growth, a closely-watched industry metric.
Citi analysts said JCDecaux’s top-line is 3% ahead of their forecasts, and 7% ahead of consensus estimates. Organic growth is well ahead of Citi’s 29.96% estimate and consensus forecasts of 27.16%.
JCDecaux’s co-Chief Executive Jean-Francois Decaux said the company had strong growth in all geographies in the last three months of the year, with Europe reaching revenue levels very close to those at the end of 2019 in the pre-pandemic era.
In China, revenue was close to pre-pandemic levels for domestic-transportation advertising, Mr. Decaux said, and already above 2019 levels for domestic-airport advertising.
JCDecaux will provide revenue guidance for the first quarter on March 10.