PARIS, Nov 7 (Reuters) - Outdoor advertising specialist JCDecaux said its sales growth would pick up to reach the low single digits in the fourth quarter after a stagnant third quarter.
The family-owned company, which competes with Clear Channel Outdoor and CBS Outdoor, posted third-quarter sales of 631.6 million euros ($845 million) on Thursday with no organic revenue growth.
The lack of revenue growth is slightly better than the group’s earlier forecast for a “slight” decrease in organic revenue growth for the third quarter because of a strong performance a year ago ahead of the London Olympics.
Analysts had predicted sales of 630-653 million euros.
JCDecaux signs contracts with local authorities to place ads in bus stops, metro stations, airports and other public spaces, as well as selling billboards. It also operates bike rental schemes for cities in exchange for ad space, such as the Velib programme in Paris.
Since January, JCDecaux shares have risen more than 60 percent, outperforming a European media index that has climbed 32 percent.
The shares closed flat at 29 euros on Thursday before the results publication, giving the group a market capitalisation of roughly 6.4 billion euros.