Strong progress in digital income couldn’t save Seven West Media from a modest lower in half-yearly earnings amid turbulent financial situations.
The media conglomerate, which owns the Seven Network and The West Australian newspaper, reported on Tuesday a 4.1 per cent decline in internet revenue to $123 million within the six months to December 31.
Total income for the half was $815m, down 0.5 per cent from the earlier corresponding interval, whereas earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) decreased 4.8 per cent.
Chief government James Warburton lauded Seven’s efficiency regardless of financial headwinds and unfavourable comparisons to the earlier 12 months’s one-off Olympics increase.
He mentioned robust content material helped keep the corporate’s dominant market share, bolstered by the addition of AFL, cricket and NBCUniversal digital content material rights.
“The content foundations are set. We are in a strong financial position and we are capitalising on the digital transformation of Seven West Media,” Mr Warburton mentioned in a press release.
“We are confident we are well positioned for the future.”
Growth was led by Seven’s digital platforms, which grew 3.9 per cent to $101m in income at the same time as the overall TV market declined 4.5 per cent.
The firm’s news arm, West Australian Newspapers, grew digital audiences 16 per cent year-on-year however suffered a ten.8 per cent decline in EBITDA resulting from will increase in paper prices.
Mr Warburton praised the corporate’s value self-discipline, with bills solely rising one per cent to $610m within the face of rising inflation.
Despite this, Seven West declined to pay out a dividend for the eleventh reporting interval in a row, citing “prevailing market conditions”.
The firm has not delivered a dividend since 2018, when funds have been suspended to assist pay down $589 million in debt.
Seven West paid off $70m in debt for the quarter, leaving complete internet debt right down to $186m.
The firm forecast its TV market would decline within the second half of the monetary 12 months however expects a double-digit progress in video on demand.
Seven West’s share value slumped 4 per cent to 43c within the morning’s commerce.
Source: www.perthnow.com.au
