Outdoor media owner JCDecaux has posted an 11.9% drop in revenues to €424.6 million (£373.6 million) for the three months to 31st March compared to last year.
The outdoor media company has reported its first ever revenue slump. The drop was led by its billboard division, which saw revenues fall by 18.7% to €88.5m (£77.87 million), while its street furniture business, which include phone boxes, fell by 16.8% to €198.6m (£174.7 million).
However, the UK market fared better compared to Spain, Germany and North America due to “very challenging market conditions” including fierce price competition from other types of media owners such as TV companies.
In contrast its transport revenues, which include Buses and shelters, rose by 2.1% to €137.5m (£120.9 million).
Chairman Charles Decaux warned in March its revenues would fall and that the slump was unavoidable as the global economy slowed at “rates rarely seen before.”
Main rival CBS Outdoor has yet to report first quarter figures, but reported a 15% slump in revenues in the fourth quarter of 2008.