French outdoor advertising company JCDecaux said yesterday its fourth-quarter sales had dipped slightly as billboard revenues fell.

Fourth-quarter sales fell to €437.7m (£300m) from €440.6m in the same period of 2002, while full-year sales fell 2.2% to €1.544bn.

The full-year figures were in line with a forecast for sales of €1.54bn. In the fourth quarter, street furniture revenues rose 2.5% to €246m, but billboard and transport sales fell 3.7% and 5.4% respectively.

JCDecaux - the world's leading maker of street furniture, which has 7,400 employees in more than 30 countries- has managed to keep its head above water during the advertising slump that began in 2001, maintaining like for like sales growth despite its transport advertising business being hit hard amid terrorism fears.

Shares in the advertising company have performed strongly of late, adding about 10% so far this year after a 20% rise in 2003.