Seven West Media has reported a 27 per cent plunge in after-tax income after a yr of falling revenues and rising prices.
The group, which operates the Seven TV community and West Australian newspapers, ended 2022/23 within the black to the tune of $146 million.
That got here on the again of a 3 per cent fall in income to $1.48 billion and a one per cent rise in prices to $1.2 billion.
More broadly, the group has endured a yr of shifting fortunes.
It is but to search out out if it is going to face important prices in relation to the Ben Roberts-Smith defamation case.
But it’s at the moment using a wave of scores success with enormous audiences for the FIFA Women’s World Cup.
Australia’s semi-final win over France attracted a mean of 4.17 million viewers whereas the 472,000 who watched on 7plus made the match the most important streaming occasion in Australia.
Managing Director and Chief Executive James Warburton stated the group had delivered stable leads to a difficult atmosphere.
“Our content strategy continued with the return of key tentpoles and the introduction of new programming,” Mr Warburton stated.
“The programming slate continued to deliver audience consistency and strength, and ensured Seven retained its position as the number one network for national audience share for the third year running.”
Mr Warburton stated Seven West’s working prices had been properly managed and the rise final yr was consistent with forecasts.
He stated digital earnings grew 17 per cent and now accounted for nearly half the group’s underlying earnings.
The group’s newspapers additionally grew digital subscriptions by 17 per cent however complete earnings have been down 9 per cent following important will increase in newsprint prices.
Mr Warburton stated the group was optimistic in regards to the coming yr and past with its content material technique and digital belongings underpinning its ambition to develop viewers and income share.
“We continue to invest in our digital future and with our solid balance sheet and ongoing investment and cost discipline we are well placed to capitalise on a market improvement, and well placed to compete for a larger share of the total video advertising pool,” he stated.
“Our strategy is simple but clear. To become the most connected news, sport and entertainment brand in Australia.”
Source: www.perthnow.com.au
