oOh! Media’s share price crashed 33 per cent yesterday, wiping off gains for the year. It recovered slightly but remained 26 per cent down at close of trading.

Investors punished the firm after a trading update at a Macquarie Conference in Sydney. The firm said first quarter revenues increased 3 per cent year on year – growth, but well below the OOH industry’s 12 per cent growth for the period per OMA figures.

In a note to investors, Macquarie noted that “trading softened significantly in March vs forward pacing as at mid-February, with in-month bookings also declining. Government spend was noted as the main category that was weaker”.

oOh! said April had been particularly soft, and had taken a slight hit on street ads after rival QMS went live with the City of Sydney contract. It expects April revenues to be back 10 per cent year on year, though said May-June forward bookings currently look better than last year.

Macquarie said while the quarter to June currently looks slightly better than last year’s corresponding period, it “will continue to be impacted by economic uncertainty”.

Macquarie however, sees upside for the firm, rating it ‘outperform’ with a 12-month share price target of $2.49, or double yesterday's closing price, though that view may be revised should headwinds strengthen.