APN News & Media this morning released its 2016 half year results.
• Revenue from continuing operations stable at $129.1m, EBITDA up 7% to $35.9m
• ARN performing strongly with total revenue and EBITDA growth of 10% on HY15
• Adshel LIVE digital rollout delivers 25% EBITDA growth to $18m
Revenue from continuing operations was stable at $129.1m, with EBITDA up 7% to $35.9m.
Following the successful demerger of New Zealand Media Entertainment (NZME) from APN on 29 June 2016 and the announcement on 21 June 2016 of the proposed divestment of Australian Regional Media (ARM), these divisions are presented as discontinued operations. The statutory net loss after income tax attributable to shareholders for the period was $256.9m, compared to a profit of $7.5m in 2015.
APN’s CEO, Ciaran Davis, said, “In the last six months we have achieved all of our key objectives, and with a successful sale of ARM, the company will have zero exposure to traditional publishing assets, and 100% exposure to growth media assets with good cash flow profiles.
“This is a game changer for APN and our strategic priorities for APN are clear. We are going to focus our energy and investments on those areas of the business that will deliver the greatest shareholder returns. For ARN that means investing in new business and digital initiatives aimed at growing audiences, particularly our younger audience, and delivering content across multiple platforms. Adshel’s priority is to continue to drive above market growth with an ongoing roll‐out of its digital network.”
Key highlights across ARN include:
• Secured five‐year contracts with Kyle & Jackie O: loss of revenue risk eliminated
• Survey 5 ratings improvement: 6% national share gain, KIIS 1065 ahead of 2015 performance, WSFM +1.4 share points, #1FM station in Melbourne – GOLD 104.3, KIIS 101.1 good growth in Breakfast, Adelaide #1 station, Perth audience levels at pre‐acquisition levels.