Fund manager HMI Capital sells its stake in oOh!Media

Fund manager HMI Capital has sold its stake in outdoor media specialist, oOh!Media. 

The news comes as HMI’s managing partner, Mick Hellman (pictured), has announced that he is stepping down from the board. He joined the board in April 2020 when HMI Capital provided strong support to the company’s $167 million capital raising in the early days of the Covid-19 pandemic.

oOh! Chair Tony Faure said "On behalf of the Board I want to acknowledge and thank Mick for his contribution to the Company over the past two years and wish him every future success.”

AFR Street Talk reported that the sale of the 10% plus stake brought in almost $100 million.

Last month, oOh!Media Limited reported a strong boost in earnings in its financial results for the end of 2021.

The company noted significant operating leverage to grow earnings faster than revenue which resulted in a 24% increase in Underlying EBITDA despite lower rent abatements and no Government wage subsidies in 2021.

oOh!Media Limited leveraged the continuing recovery of Out of Home audiences throughout the year to deliver an 18% lift in revenue to $504 million, in contrast to the figures in 2020.

The report also noted that the wide range of assets across Out of Home formats ensured the company delivered the revenue uplift although the lockdowns, Q3 and Q4, and some formats (Fly, Office, Rail) continued to be impacted by the pandemic.

The company reported a net profit, after tax, of $0.8m compared to a loss of $24.3m in the prior year, and loss after tax of $10.3m on contrast to losing of $36.2m in prior year.