update 2-jcdecaux to cut uk investments after brexit vote
Increase CEO\'s comments on the UK advertising market
Paris, July 28 (Reuters)-
French outdoor advertising company JCDecaux plans to reduce its investment in the UK after the UK voted to leave the EU.
The chief executive said Thursday. The family-
Run company said it would review the number of screens it installed in the UK after the \"Brexit\" vote on June.
Jean-\"We have to make sure that our business is scale-up for the needs of our customers.
Charles Decaux told BFM commercial radio that he highlighted concerns about the expected slowdown in UK economic growth.
\"We will remain active in the UK, but a little less than there is no vote for Brexit,\" he added . \".
JCDecaux is the first place in the UK for outdoor advertising, and the UK market is ranked third in terms of revenue.
It is currently working on a project that will be 1,000-
The inch digital screen of bus shelters in London\'s major shopping districts was delayed due to contract problems, but said it would not be affected by the Brexit vote.
Degao also said that third is expected
Quarterly organic revenue
Acquisition, disposition and currency changes are not included-
Rise by a low
This reflects a reduction in global economic growth expectations and uncertainty about Britain\'s exit from the EU.
Its shares fell 4% in afternoon trading after falling more than 7% due to a downturn in outlook.
The Brexit referendum has pushed companies across Europe to review the country\'s investment plans or expand elsewhere.
Schneider Electric, France, also said on Thursday that it would review pricing and investment in the UK.
WPP, the world\'s largest advertising company, said it would therefore focus more on western Europe or emerging markets. JCDecaux co-CEO Jean-
Francois Deco said the referendum on Brexit would obviously have an impact on the UK advertising market, but it was difficult to quantify.
According to an industry survey conducted by IPA leaders this month, advertising spending by UK companies will drop by 0. 2% and 1.
It was 3% in 2016 and 2017 in 2013, the first time the leader has forecast a decline in advertising spending since.
At the beginning of the third quarter, as part of the bus shelter project, JCDecaux had installed 200 screens instead of the 500 originally planned.
The company said that due to the London model transport involving contracts from several partners, the installation time was longer than expected. The co-
The CEOs added on the conference call that so far they have seen a good demand for digital screens with higher-than-expected revenue. Jean-
Francois Deco told Reuters that the company hopes to catch up with the delay in the project by the end of this year. (
Gwenaelle Barzic reports;
The work of Victoria Brian;
Edited by Susan Thomas and Mark Porter)